After a long time, President Muhammadu Buhari has transmitted the eagerly anticipated Petroleum Industry Bill (PIB) to the National Assembly for passage.
This was confirmed in a letter read by Speaker of the House of Representatives, Femi Gbajabiamila at the resumption of plenary on Tuesday.
The President reportedly stated that the bill is expected to carry out significant reforms in the laws governing the petroleum industry, which has been encapsulated in two previous laws.
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According to reports, the proposed bill makes provision for the creation of the Nigerian National Petroleum Limited.
The bill also reportedly proposes the scrapping of the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) while the NNPC Limited will be incorporated by the Minister of Petroleum.