FG To scrap NNPC, PTDF, PPPRA, others?

INDICATIONS have emerged  that the Federal Government may eventually scrap the Nigerian National Petroleum Corporation (NNPC), along with nine other agencies if the Petroleum Industry Bill (PIB) is eventually passed into an Act.
This was as experts have warned the Senate to look crirically into some aspects of the bill, especially the discretionary power of the president and the powers of the Minister of Petroleum.

The whole essence of the bill, which sought to repeal, among other laws, the extant Petroleum Act (CAP 350 LFN, 1990), was the unbundling of the NNPC.
The revelation came to the fore in Abuja, on Monday, at a one-day workshop organised by the Senate Joint Committee on the Petroleum Industry Bill.

One of the lecturers, who spoke at the workshop, Dr Francis Adigwe, said other agencies that would be affected by the Bill were the Petroleum Technology Development Fund, Petroleum (Special) Trust Fund, Petroleum Equalisation Fund, Petroleum Profit Tax.
Others, he said, included the Deep Offshore and Inland Basin Production Sharing Contracts, Motor Spirits(Returns) and Associated Gas Re-injection and Oil Pipelines.

Adigwe, who was a member of the techbical committee that drafted the PIB, said that the existence of the PIB brought about the creation of 10 new government agencies to be coordinated by the Minister of Petroleum.
Culled from TribunNg