Nigerian lawmakers will, later today, meet with the minister of state for petroleum Timipre Sylva and other officials to discuss the proposed Petroleum Industry Bill (PIB).
President Muhammadu Buhari will, any moment from now, officially transmit the PIB to the National Assembly for consideration and passage.
Here are four things to note about the bill:
- The Nigerian National Petroleum Corporation (NNPC) and the Petroleum Product Pricing Regulatory Agency (PPPRA) will be disbanded
- The Nigerian National Petroleum Company (NNPC) Limited will be established
- The Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority will be created
- Ownership of all shares in NNPC Limited shall be vested in the government at incorporation and held by the Ministry of Finance incorporated on behalf of the government
The PIB is yet to become law. If it is approved and signed into law, the PIB will modernise the regulation of the oil industry in Nigeria, experts say.