Tuesday, April 20, 2021

Three key takeaways from the new petroleum industry law


Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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By Ibrahim Sulaiman

The passage of the much-awaited Petroleum Industry Governance Bill, PIGB, by Senate on Thursday, will see to the scrapping of the nation’s cash cow, the Nigerian National Petroleum Corporation, NNPC.

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The Senate on Thursday passed the much anticipated Petroleum Industry Bill, PIB, after 17 year of consideration.

The bill was passed as the Petroleum Industry Governance Bill, PIGB.

The bill, which has gone through 5 sessions of the National Assembly beginning from the 4th Assembly, which was inaugurated in 1999 under President Olusegun Obasanjo.

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With the latest development, three new agencies, the National Petroleum Company, Nigeria Petroleum Regulatory Commission and Nigeria Petroleum Assets Management Company would be established after concurrence with House of Representatives and assent by President Muhammadu Buhari.

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