The House of Representatives, on Wednesday, finally passed the bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry and for other related matters, through third reading.
The bill, which seeks to unbundle the Nigerian National Petroleum Corporation (NNPC), provides for the establishment of Federal Ministry of Petroleum Incorporated; Nigerian Petroleum Regulatory Commission; Nigerian Petroleum Assets Management Company, and National
Petroleum Company and Petroleum Equalisation Fund.
Leading the debate on the report of the adhoc committee, was the deputy chairman, Hon. Victor Nwokolo (PDP, Delta), who explained that the regulatory bill would balkanise Nigerian National Petroleum Corporation (NNPC) and create National Petroleum Commission which will take over the functions of Department of Petroleum Resources (DPR).
Nwokolo told the House that some subsidiaries of the NNPC had also been merged into an entity to be known as the Nigeria Petroleum Regulatory Commission.
According to him, the House Ad-hoc Committee adopted the Senate version of the PIGB.
