President Muhammadu Buhari has transmitted the Petroleum Business invoice to the Home of Representatives for passage.
It might be recalled that within the eighth Meeting, part of the PIB was handed by the legislature however the president declined assent as a result of disagreement on sure provisions within the invoice.
There was reviews that the brand new invoice will scrap the Nigerian Nationwide Petroleum Company (NNPC) and different businesses, nevertheless, the Minister of State for Petroleum, Timipriye Sylva has dismissed the reviews, noting that the invoice includes commercialization of NNPC.
Sylva made the clarification on Monday whereas talking to journalists after assembly with the management of the Nationwide Meeting.
“We have now heard a lot noise about NNPC being scrapped however that’s not envisaged by the Invoice in any respect. NNPC won’t be scrapped however commercialized in keeping with deregulation transfer being made throughout all of the streams within the sector comprising the upstream, downstream and midstream.”
President Mohammadu Buhari transmits Petroleum Business Invoice to Home of Representatives. The Speaker of the Home, Mr. Femi Gbajabiamila learn the letter on the ground Tuesday, 29 September 2020 on resumption from its seven weeks’ recess.
Gbajabiamila in his opening remarks said that the Home will begin work on the PIB.
In the meantime, the federal authorities commenced the method to repay Bayelsa, Cross River, Ondo, Osun and Rivers States’ cash spent on federal street development.
President Muhammadu Buhari in a letter learn on Tuesday by the Speaker, Femi Gbajabiamila, seeks the approval of the Home to repay the state a complete sum of N148.1billion as promissory notes for federal street tasks achieved by the state.