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The House of Representatives on Tuesday began debate on the general principles of the new Petroleum Industrial Bill (PIB) transmitted to the House by President Muhammadu Buhari on September 29, 2020.
Leader of the House, Alhassan Ado-Doguwa, in his lead debate on the PIB titled “A Bill for an act to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host community and for related matters” called on lawmakers to support the passage of the Bill for second reading.
The PIB, amongst others, seeks to scrap the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) and replace them with a new agency to be known as Nigerian Midstream and Downstream Regulatory Authority (NMDRA) which shall be responsible for the technical and commercial regulation of midstream and upstream petroleum operations in the industry.
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The Bill also proposes the establishment of Nigerian Upstream Regulatory Commission to be responsible for the technical and commercial regulation of upstream petroleum operations.
It further seeks the commercialisation of the Nigerian National Petroleum Corporation (NNPC) to become Nigerian National Petroleum Company to be incorporated under the Companies and Allied Matters Act by the minister of petroleum.
… Details later
