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Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill - Politics - Nairaland

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Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Ttalk: 7:03am On Sep 28, 2020
The President, Major General Muhammadu Buhari (retd.), has transmitted the much awaited Petroleum Industry Bill 2020 to the National Assembly and has proposed the creation of the Nigerian National Petroleum Company Limited.

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 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.


Section 54(1, 2 and3 )) reads in part, “The Minister (of Petroleum) and the Minister of Finance shall determine the assets, interests and liabilities of NNPC to be transferred to NNPC Limited or its subsidiaries and upon the identification, the minister shall cause such assets, interests and liabilities to be transferred to NNPC Limited.

“Assets, interests and liabilities of NNPC not transferred to NNPC Limited or its subsidiary under subsection 1 of this section shall remain the assets, interests and liabilities of NNPC until they become extinguished or transferred to the government.


“NNPC shall cease to exist after its remaining assets, interests and liabilities other than its interests, assets, and liabilities transferred to NNPC Limited or its subsidiaries under subsection 1 of this section shall have been extinguished or transferred to the government.”

According to Section 53 of the bill, the minister shall “within six months from the commencement of this Act, cause to be incorporated under the Companies and Allied Matters Act, a limited liability company, which shall be called Nigerian National Petroleum Company (NNPC Limited).


“The minister shall be at the incorporation of NNPC Limited, consult with the Minister of Finance to determine the number and nominal value of the shares to be allotted which shall form the initial paid-up share capital of the NNPC Limited and the government shall subscribe and pay cash for the shares.

“Ownership of all shares in NNPC Limited shall be vested in the government at incorporation and held by the Ministry of Finance incorporated on behalf of the government.”


The bill also proposes the establishment of an agency known as the Nigerian Upstream Regulatory Commission which will be responsible for the technical and commercial regulation of upstream petroleum operations.

Section 4 of the bill states in part, “There is established the Nigerian Upstream Regulatory Commission (the commission) which shall be a body corporate with perpetual succession and a common seal.

1 Like

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by tamdun: 7:07am On Sep 28, 2020
Impressive
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Connoisseur(m): 7:07am On Sep 28, 2020
Same thing they criticized Atiku for.

4 Likes

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by zenith4biz(m): 7:08am On Sep 28, 2020
Wonderful, check my signature for side hustle
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by gaius01(m): 7:08am On Sep 28, 2020
Arrrrrrrh

I pray it's gone birth a good results.
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by neoclassical: 7:10am On Sep 28, 2020
Good development.
However, hypocrisy, sentiment and tribalism are the bane of our development as a nation.
This was the same thing Atiku said during his campaigns, but most people called for his head.
I am learning a lot about life and human being in this administration.

2 Likes

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Officer4: 7:12am On Sep 28, 2020
Connoisseur:
Same thing they criticized Atiku for.

That's true o, when Atiku said he will sell NNPC, everyone screamed

1 Like

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by jlinkd78(m): 7:17am On Sep 28, 2020
Following
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Jones4190(m): 7:28am On Sep 28, 2020
Connoisseur:
Same thing they criticized Atiku for.
there is a difference between scrab and sell
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by princemillla(m): 7:39am On Sep 28, 2020
I thought Atiku proposed this in his manifesto? And apc went haywire tagging him all sort of names!


Apc are bunch of hypocript.......anyway....nija matter Don cast since

1 Like

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Nobody: 7:43am On Sep 28, 2020
neoclassical:
Good development.
However, hypocrisy, sentiment and tribalism are the bane of our development as a nation.
This was the same thing Atiku said during his campaigns, but most people called for his head.
I am learning a lot about life and human being in this administration.
No tribalism, He ATIKU would have privatize for himself, steal the money privately and then steal the money alone privately.
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by OkuFaba(m): 7:45am On Sep 28, 2020
If he likes, make he scrape Aso-Rock, its another means of looting funds for another group of Yahoo politicians

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by kuuljay(m): 7:46am On Sep 28, 2020
princemillla:
I thought Atiku proposed this in his manifesto? And apc went haywire tagging him all sort of names!


Apc are bunch of hypocript.......anyway....nija matter Don cast since
go back and read again,this time slowly,there is no where it suggests the sale of nnpc.if it still means the same thing to you then no one can help you

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Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by DozieMartin: 7:48am On Sep 28, 2020
What are the differences?
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Yujin(m): 7:49am On Sep 28, 2020
Lol. Don't be deceived by this. Nothing they do is done in the interest of the masses. Support the disintegration of Nigeria. It has better promise than any kleptocratic promises they bring.

1 Like

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Racoon(m): 7:50am On Sep 28, 2020
Nigeria is still going in circles.Scrap NNPC & form a new NNPC again under government control? Deregulate the petroleum downstream sector & allow the market forces to determine the price of petroleum products.

1 Like

Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by omowolewa: 8:02am On Sep 28, 2020
Since NASS are going to stamp it without reading through, it's a welcome development.
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by adaora17901: 8:05am On Sep 28, 2020
joy, check my name for flank excitement
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by BUHARImyDOG: 9:44am On Sep 28, 2020
Buhari although he is empty and lifeless he is still better than his supporters... Bloomberg 28th September 2019






Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Ttalk: 10:48am On Sep 28, 2020
This is one of this government policy that deserve commendation
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by tobechi74: 10:52am On Sep 28, 2020
What you prevented Good-looking Jonathan from doing
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by anigbajumo(m): 11:13am On Sep 28, 2020
Officer4:


That's true o, when Atiku said he will sell NNPC, everyone screamed

Lol, the likes of Atiku will sell for himself and his cronies, I don't trust that man....
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Connoisseur(m): 11:15am On Sep 28, 2020
Jones4190:
there is a difference between scrab and sell

Different terms, same meaning
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by favinvest: 11:19am On Sep 28, 2020
any establishment that has the government having a controlling stake/shares may not be development in the right direction.

if the new Oil company has shares that are traded on the Nigerian stock exchange.. where citizens can buy & trade its stocks.. then that is a welcome development and movement in the right direction.
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by princemillla(m): 1:09pm On Sep 28, 2020
kuuljay:
go back and read again,this time slowly,there is no where it suggests the sale of nnpc.if it still means the same thing to you then no one can help you



What's the difference?

Did u even know NLC has accepted deregulation?
Re: Buhari Submits PIB To National Assembly, Scraps NNPC, PPPRA In New Bill by Houseofglam7(f): 1:13pm On Sep 28, 2020
undecided

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