Read Senate's Report on PIGB 2017
Posted by Factnews | 7 years ago | 2,110 times
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The Senate had on Wednesday, passed the Petroleum Industry Governance Bill (PIGB) into law
According to the Senate, the move is geared towards unbundling the NNPC and the petroleum industry.
In the PIGB, the Ministry of Petroleum Resources would be renamed Ministry of Petroleum Incorporated.
Also in the new bill, upon the recommendations of the new commission, Minister of Petroleum Resources can grant, amend, renew, extend or revoke any licence or lease required for petroleum or production, pursuant to the provisions of the Act or any other enactment.
The bill also proposed that when the commission is created, it shall be vested with all assets, funds, resources and other movable and immovable property, which immediately before the commencement of operation of the new commission, were held by the PI, DPR and PPPRA.
In the bill, more powers will be vested on the commission, as the President or the Minister of Petroleum Resources, who hitherto had such powers, would no longer have same.
See the Report Below…
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