NASS Passes Petroleum Industry Governance Bill, Unbundles NNPC Into Four Entities
After several failed attempts to pass a law to regulate the country’s petroleum industry, the National Assembly on Wednesday passed the Petroleum Industry Governance Bill (PIGB).
The PIGB, if signed by President Muhammadu Buhari, would unbundle the Nigerian National Petroleum Corporation (NNPC) and provide for the establishment of the Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company.
The Bill also imposes a five percent fuel levy on fuel sold across the country to be used to finance the Petroleum Equalisation Fund.
When signed into law, the Bill would modernise the petroleum industry and overhaul the system to create a conducive business environment for petroleum industry operations.