Nigeria's oil industry is poised for a major shake-up should the proposed Petroleum Industry Bill (PIB) pass.

This Day reports that under the proposed reforms, the oil industry will be free from government control and run as a business in a deregulated environment.

The federal government would also increase royalties and taxes payable by oil companies in an effort to derive more revenue. In addition, host communities will also receive stakes in the projects.

International oil companies have criticised the bill saying government was trying to create a monopoly for the national oil company, the Nigerian National Petroleum Corporation (NNPC).