The House of Representatives, passed the Petroleum Industry Governance Bill, PIGB, which provides for the governance and institutional framework for the petroleum industry and for other related matters, after third reading.
The 13 years old bill, seeks to unbundle the Nigerian National Petroleum Corporation, NNPC, provides for the establishment of Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.
Deputy Chairman, Ad-hoc Committee on Petroleum Industry Bills, Victor Nwokolo, who led the debate on the report, explained that the regulatory bill will bulkanise NNPC and create National Petroleum Commission which will take over the functions of the Department of Petroleum Resources, DPR.
He explained that some subsidiaries of the NNPC had also been merged into an entity to be known as the Nigeria Petroleum Regulatory Commission. According to him, the House Committee adopted the Senate’s version of the PIGB.