NNPC Limited to take off in 6 months as fuel subsidy remains--Sylva
NNPC Limited to take off in 6 months as fuel subsidy remains–Sylva
The Nigerian National Petroleum Corporation (NNPC) is set to turn to a commercial entity as it will become a limited liability company within the next 6 months, according to ChannelsTV
This follows the signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari on Monday, August 16, 2021, after it had been passed by the 2 chambers of the National Assembly in July.
Minister of State for Petroleum Resources, Timipre Sylva, state this while speaking at a press conference on Tuesday, August 17, 2021, in Abuja.
Sylva said that a transitional committee is already been put in place to incorporate NNPC Limited adding that all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
Mr Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
The Minister said that once the government and the organized labour are able to agree on the process of putting infrastructure in place, Nigeria will then go ahead with the deregulation.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerian.
