The Speaker, House of Representatives, Mr Yakubu Dogara, says the National Assembly (NASS) is working on its own version of the Petroleum Industry Bill (PIB) to reform the nation’s oil and gas sector.

The speaker announced this when he received the former Prime Minister of Sweden, Mr Fredrick Reinfieldt in Abuja on Monday.

Dogara explained that the decision of NASS to draw up its own bill was reached because of the urgent need to reform the oil and gas sector.

He said the House was willing to cooperate with the executive arm of government in bringing about the necessary reform in the oil and gas industry.

Dogara expressed optimism that the planned version of the bill, when passed and assented to, would reform the oil sector and amend necessary laws guiding its operations.

The speaker added that if the executive comes up with its own version in the process of considering the bill, “there are enough instruments within NASS to merge the two.

“We hope to introduce it in both chambers of the National Assembly, if it happens that the executive transmits its own version, we have provision in House rules to merge the two.”

He said the need for oil and gas reform Bill became pertinent with the challenges facing the sector and Nigeria's dependence on revenue accruing from it to fund its budget.

“We have repeatedly called on the executive to present reform proposals in the petroleum sector.

“However, we may not continue to wait for an executive bill on this subject matter as we are prepared to introduce the National Assembly’s version.

“We cannot continue to take the blame for non-passage of the petroleum reform legislation in Nigeria, as I speak to you, work on our own version has reached advanced stage.”

Dogara said the House would partner with Extractive Industries Transparency Initiative (EITI) in first quarter of 2016, to consider and debate the Nigerian Extractive Industry Transparency Initiative (NEITI) audit report.

He, therefore, directed the committees on Petroleum (Upstream) and Rules and Business to introduce and reschedule report for debate before the end of the first quarter.

Earlier, Reinfieldt commended Nigeria for being one of the first African nations to key into EITI.

He stressed the need for transparency and prudent use of natural resources and the country’s early acceptance of Transparency Initiative principles in its extractive industries and also backing it by law.

He urged other African countries to take a cue from Nigeria by establishing and empowering local chapters of EITI.

Mr Ogbonnaya Orji, Acting Executive Secretary, NEITI, who accompanied Reinfieldt, stressed the need to fight major challenges in the oil sector.

Reinfieldt is in-coming Chairman, the International Board of Extractive Industry Transparency Initiative.

•Photo shows Speaker Dogara.