The House of Representatives yesterday passed for second reading the new Petroleum Industrial Bill (PIB) after debates on the general principles of the proposed legislation.
The bill, for a legislation to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host community and for related matters, seeks to scrap the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA).
It is seeking to 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.
The bill proposes establishment of Nigerian Upstream Regulatory Commission to be responsible for the technical and commercial regulation of upstream petroleum operations.
It further seeks 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.
Majority Leader of the House, Alhassan Ado-Doguwa, in his debate on the PIB, called on the lawmakers to support the passage, saying it was overdue.
