President Muhammadu Buhari has transmitted the long- awaited Petroleum Industry Bill (PIB) to the National Assembly for passage into law.
In a letter read by Speaker of the House of Representatives, Femi Gbajabiamila at the resumption of plenary, the President said the bill is expected to carry out significant reforms in the laws governing the petroleum industry, which has been encapsulated in two previous laws.
The Nation gathered the proposed bill makes provision for creation of the Nigerian National Petroleum Company Limited.
The bill, also proposes the scrapping of the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) while the NNPC Limited will be incorporated by the Minister of Petroleum.
With his Finance counterparts, the Minister will determine NNPC’s assets and liabilities inherited by the new firm.
The bill also proposes establishment of an agency known as the Nigerian Upstream Regulatory Commission, which will be responsible for the technical and commercial regulation of upstream petroleum operations.
Details shortly…