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Petroleum industry bill passes second reading at senate

The Petroleum Industry Bill (PIB) on Wednesday passed second reading at the Senate.

The bill seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities.

Senator Tayo Alasoadura while speaking on the floor of the senate said the bill will promote transparency in the petroleum industry.

”This bill provides for the unbundling of the NNPC into two independent entities, which are the National Petroleum Company (NPC) and National Asset Management Company,” he said.

“It also provides for the establishment of a single petroleum regulatory commission which will focus mainly on regulating the industry.

“The poor performance of the NNPC is a major concern. The commercialisation of the corporation and its splitting into two entities is for more efficiency and to enhance performance.”‎

Senate President Bukola Saraki said the next part of the bill would focus on the petroleum producing communities.

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