THE leadership of the National Assembly, on Monday, pledged to accelerate legislative action on the Petroleum Industry Bill submitted by the President, Major General Muhammadu Buhari (retd.), two weeks ago.

The federal parliament, however, vowed to ensure thoroughness in its consideration, which according to the principal officers, would be treated simultaneously with the 2021 national budget.

The President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, stated this during a National Assembly joint leadership meeting on the PIB, with the Minister of State for Petroleum, Timpre Sylva.

The meeting also had in attendance the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, and other heads of the NNPC subsidiaries.

Lawan confirmed that the document was transmitted to the two chambers of the National Assembly two weeks ago and that details of its contents would be read at plenary today (Tuesday).

He said both chambers would forward the documents to their respective committees for further legislative actions as soon as Buhari’s covering letter, which accompanied the bill, was read to the lawmakers.

Lawan lamented that efforts made since the year 2000 to pass the bill into law had been futile but expressed the commitment of the 9th National Assembly to break the jinx.

He said, “The 9th Assembly has promised to break the jinx because we want to see an oil industry that will be regulated and sustained for the purpose of attracting investment in a competitive manner.

The 9th Assembly will work with the executive arm of government and other stakeholders in the oil and gas industry to make history by providing a legislation that will make the sector effective and efficiently.”

Lawan, who said the bill was crucial and critical to the country, lamented that the outbreak of the COVID-19 pandemic delayed its transmission to the nation’s parliament.

In his remarks, Gbajabiamila reiterated the commitment of the National Assembly to ensure its speedy passage.

The Speaker, however, said, “The 9th National Assembly will set the record by passing the bill speedily, but we will not sacrifice thoroughness on the altar of speed.

“The House of Representatives has assembled a crack team of legislators, who are vast in the industry that would work with the executive to make the process faster.

“We will work on the PIB alongside the 2021 budget as part of measures to ensure speed. That means the next three months would be very busy for us.”

However, Sylva lamented that efforts by the country to produce an acceptable legislation to transform the nation’s oil and gas industry had been futile.

He said the current administration was, however, determined to ensure that the right thing was done before the era of petroleum would become a thing of the past.

“Investors are looking forward to a law that would guarantee dependability and predictability in the oil and gas sector. We have to convince them that our laws do not change easily so that they could invest in the industry.

Both the minister’s entourage and the National Assembly leadership went into closed session after their opening remarks.