Speaker of the House of Representatives, Yakubu Dogara, on Monday urged President Muhammadu Buhari to as matter of urgency re-introduce the Petroleum Industry Bill, PIB, to the legislature to hasten its passage into law.

Dogara who made this call at the dialogue of the National Assembly  on the economy, security and development in Abuja, said the PIB is important to the nation’s economy as the petroleum sector still accounts for over 70 percent of the nation’s foreign exchange earnings.

“We therefore cannot afford not to organize the sector in such a manner as to benefit the nation.

“In this regard, may I call on the President as the Minister of Petroleum to as a matter of urgency transmit a Bill to the National Assembly on how his administration intends to reorganize the Petroleum Sector,” the Speaker stated.

He recalled that the PIB has had a checkered history, with its introduction late in the sixth Assembly and presentation in the first month of the 7th Assembly as a private members Bill.

According to him, the last administration informally indicated that it would prefer an Executive Bill on the matter, which took over two years to materialize as it was passed only by the House of Representatives very late in its tenure without the Senate concurring.

“Investment decisions in this field cannot continue to wait. Clarity on the legal framework for Oil and Gas in Nigeria is crucial to our economy. Contrary to the assertion that the size of the Bill is the problem, the fact is that an early introduction will lead to an early passage,” he observed.