Minister of State for Petroleum, Timipre Sylva, has dismissed the rumours of the scrapping of the Nigerian National Petroleum Corporation (NNPC) following the Petroleum Industry Bill forwarded to the National Assembly.
Sylva dismissed the report while speaking with newsmen at the National Assembly on Monday after an interactive session with the leadership of the Assembly.
The minister, however, clarified that the new PIB draft sought to commercialise and not to scrap the NNPC.
Sylva stated that the host communities would also have the best deal from the bill.
He also stated that the bill will lead to the transformation of the industry and the Petroleum Equalisation Fund (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA) will not exist in the same form that they exist currently.