President Muhammadu Buhari has approved the scrapping of the Nigerian National Petroleum Corporation.
This much was revealed in the Petroleum Industry Bill 2020 sent to the National Assembly by the President on Monday.
The bill also proposed the creation of the Nigerian National Petroleum Company Limited, The Punch reports.
“The bill, which was sighted by our correspondent on Sunday, also proposes the scrapping of the Nigerian National Petroleum Corporation and the Petroleum Products Pricing Regulatory Agency,” the reported stated.
The bill states that the NNPC Limited will be incorporated by the Minister of Petroleum, who together with his finance counterparts, will determine NNPC’s assets and liabilities that will be inherited by the new firm.