Nigerian Senate Passes Petroleum Industry Governance Bill

Nigerian Senate on Thursday passed the petroleum industry governance bill 2017 consisting of 134 clauses after considering its committee report.

The Bill, seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities.

The bill is expected to stimulate the country's petroleum industry. see 7 things you should know about the bill below
    1. It creates an efficient and effective governing institution with clear and separate rules for the petroleum industry.

    2. it establishes a framework for the creation of commercial oriented and profit driven petroleum entities that ensures value addition and internationalisation of the petroleum industry.

    3. It provides transparency and accountability in the administration of Nigeria's petroulem resources.

    4. It fosters a conducive business environment for petroleum industry operations.

    5. The bill splits the NNPC into two separate entities: the Nigeria petroleum assets management Co (NPAN) and a National Oil Company (NOC).

    6. The NOC will be an "integrated oil and gas company” operating as a fully commercial entity and will run like a private company.

    7. The NOC will keep it revenues, deduct costs directly and pay dividends to the government that putting an end to the ear of waiting for Federal government for funding and always failing to meet cash call obligations.