Senate President Bukola Saraki yesterday disclosed that a new version of the Petroleum Industry Bill(PIB) would be laid at both chambers of the National Assembly next week.

Speaking during the National Assembly Business Environment Roundtable, Saraki said the Senate and the House of Representatives were working jointly on the draft law.

"The Senate and the House of Representatives are working very closely together. As part of this commitment we will lay down the Petroleum Industry Bill; you will see that the bill we are going to lay in each House is the same. "We are going to lay the same version in the senate and the House of Representatives because that is going to be the first time we are open to our words," he said.

In his remarks, the head of Economic Growth of the Department for International Development (DFID), Nigeria, Mr. Simon Kenny said the fall in oil price provided a good opportunity for Nigeria to diversify its economy.

"?If you look at the demands of oil produced in Nigeria and the low price of oil, and if you divide that by the vast numbers of people and population of Nigeria, there is only around $200 of oil per capital per year in the country. There is no way even the rising price of oil can raise Nigeria to anything above a middle income country," he said.