The Bukola Saraki-led Senate on Thursday, May 25, 2017, broke a 17-year jinx by passing the Petroleum Industry Governance Bill (PIGB) into law.

The bill was passed after a clause-by-clause consideration and amendments of the report by the Senate.

Pulse lists five importance of the PIGB.

1. Create efficient and effective governing institutions with a clear and separate role for the petroleum industry.

2. Establish a framework for the creation of economically oriented and profit driven petroleum entities that ensure value addition and internationalisation of the petroleum industry.

ALSO READ: Senate finally pass Petroleum Industry Governance Bill

3. Promote transparency and accountability in the administration of petroleum resources in Nigeria.

4. Foster a conducive business environment for petroleum industry operation in Nigeria.

5. The PIGB, if passed by the House of Representatives, will create jobs for the teaming unemployed youths in the country.

In his remarks, Saraki expressed enthusiasm that the PIGB will block all loopholes and reduce corruption and inefficiency in the petroleum industry.