He noted that the bill provides for the unbundling of the NNPC into two independent entities, which are the National Petroleum Company (NPC) and National Asset Management Company, adding that It also provides for the establishment of a single petroleum regulatory commission which will focus mainly on regulating the industry.
A legislation seeking to provide for the Governance and Institutional Framework of the Petroleum Industry, popularly called the Petroleum Industry Bill (PIB) has passed second reading in the Senate.
Leading the debate on the general principle of the bill, Senator Tayo Alasoadura, representing Ondo Central, said the objective of the bill is to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country.
The bill which was overwhelmingly supported by lawmakers present, was referred to the committee on petroleum (upstream and downstream) for further legislative work.
The senate reveals that this is just one in the series of bills that targets reforms in the oil sector.