Leading debate on the general principles of the reintroduced PIB, Senator TAYO ALASOADURA of Ondo Central said the objectives include creating efficient institutions and promoting transparency in the administration of petroleum resources in the country?.
Senator ALASOADURA said the bill provides for the unbundling of the Nigerian National Petroleum Corporation into two independent entities.
The anticipate offshoots of the proposed NNPC unbundling are to be known as the National Petroleum Company and the National Asset Management Company.
It also provides for the establishment of a single petroleum regulatory commission that will focus mainly on regulating the industry.
Our correspondent JAMES IGAH reports that the bill was overwhelmingly supported by the lawmakers who were present during plenary.
It was thereafter referred to the Joint Senate Committees on Petroleum Upstream and Downstream for further legislative work.
