Following the deregulation of the downstream sector of the petroleum industry, the federal government has mapped out plans to privatise Nigerian National Petroleum Corporation (NNPC), and abolish the Petroleum Product Pricing Regulatory Authority (PPPRA), Reuters reports.
According to the news wire service, there are also plans to modify deepwater royalties, as contained in a draft copy of the Petroleum Industry Bill (PIB), sent to the National Assembly.
President Muhammadu Buhari had refused to assent to the petroleum industry bill passed by the Senator Bukola Saraki led 8th Senate saying it did not address the fiscal component of the industry.
And presently, the Red Chambers is on recess and is expected to resume Tuesday.
It is expected that when the hill would be given accelerated hearing considering the need for the federal government to urgently address issues in the oil and gas sector that continue to be a drawback to investment in the sector.
The planned ownership shift will see the NNPC, transform to a limited liability corporation.