Monday, July 22, 2024
Home Business Timipre Sylva Clears Air On Alleged Scrapping Of NNPC

Timipre Sylva Clears Air On Alleged Scrapping Of NNPC

Minister of State for Petroleum, Timipre Sylva, has dismissed media reports that the new draft Petroleum Industry Bill (PIB) sent to the National Assembly recommended scrapping of the NNPC.

Sylva allayed the fears while fielding questions from journalists at the National Assembly on Monday after an interactive session with the leadership of the Assembly.

The minister, however, clarified that the new PIB draft sought to commercialise and not to scrap the NNPC, NAN reports.

“We’ve heard so much noise about NNPC being scrapped, but that is not being envisaged by the bill at all.

“NNPC will not be scrapped but commercialised in line with deregulation moves being made across all the streams in the sector comprising upstream, downstream and midstream.

“We have said that NNPC will be commercialised.

READ ALSO:Yoruba Council Of Elders Reject Agitation For Oduduwa Republic

“But if you are talking about transforming the industry, the only new thing that we are introducing is the development of the midstream, that is the pipeline sector.

“So we have provided robustly for the growth of the midstream sector.

“Through commercialisation, the required competitiveness in the sector will be achieved,” he said.

Sylva said that the host communities would also have the best deal from the bill.

According to him, via the PIB, the industry will be transformed, and the Petroleum Equalisation Fund (PEF)and the Petroleum Products Pricing Regulatory Agency (PPPRA) will not exist in the same form that they exist currently.

“But I do not want to go into the details of the bill until it is read on the floor of the Senate,” he said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Prophet Ikuru Urges President Tinubu to Address IPOB Leadership Issue

In a significant statement, Prophet Godwin Ikuru of the Jehovah Eye Salvation Ministry has called on President Bola Ahmed Tinubu to address the issue...

ZENITH BANK RECOGNISED AS ‘BEST CORPORATE GOVERNANCE FINANCIAL SERVICES’ IN AFRICA FOR THE FOURTH YEAR RUNNING

For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance 'Financial Services' Africa 2023 by the Ethical Boardroom. The...

World Earth Day 2023: Renowned Environmentalist, Desmond Majekodumi Commends Unity Bank’s Sustainability Strides

Unity Bank Plc has received commendation from one of Nigeria’s foremost environmentalists, Mr. Desmond Majekodunmi for its consistent environmental sustainability initiatives and programmes aimed...

Unity Bank speaks on disclosure of customer’s information to third party

Unity Bank on Tuesday said that the issues raised over disclosure of a customer’s transaction details to an Egyptian third party via emails since...

Recent Comments

x  Powerful Protection for WordPress, from Shield Security
This Site Is Protected By
Shield Security