| 20 May 2024, Monday |

Nigerian lawmakers pass historic oil overhaul bill

Both chambers of Nigeria’s parliament have passed a bill that repairs nearly every aspect of the country’s oil and gas production, putting a project that has been in the works for two decades one step closer to presidential sign-off.

Legislators have been hashing out details of the bill since President Muhammadu Buhari presented an initial version in September last year, but an overhaul has been in the works for some 20 years.

The chambers had been expected to vote clause by clause on the more than 400-page long report, but instead quickly voted on the full package.

Each chamber made some changes before approving it, meaning they will need to meet again to hash out the details, which members said would begin next week, before it is submitted for presidential sign-off.

Observers say its approval is essential to attracting a shrinking pool of capital for fossil fuel development.

Earlier in the day, members of the senate had entered a closed-door session with the petroleum minister and the head of state oil company NNPC for a briefing on the technical terms and details.

  • Reuters