Policy Advisory Council Proposes Sale of NNPC’s Stakes in Oil and Gas Assets
(Oilandgaspress) Nigeria’s President Bola Ahmed Tinubu’s Policy Advisory Council has proposed the sale of the major stakes of the Nigerian National Petroleum Company Limited (NNPC) in the upstream, midstream and downstream sectors of the oil and gas industry.
THISDAY gathered from the Policy Advisory Council Report dated May 2023, that the federal government will earn about $17 billion from the sale of the NNPC’s majority stakes in the oil and gas assets.
According to the submissions from the Energy and Natural Resources sub-committees of the advisory council, Tinubu’s administration should consolidate the regulatory agencies by merging the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB) under a single regulator.
The council advised Tinubu’s administration to re-organise NUPRC and NMDPRA to deliver set milestone goals and headhunt and place capable resources in critical positions in the oil and gas sector.
The council further advised that the president should head-hunt competent, tested, reform-focused leaders in NNPCL and ensure the company discharges its function as a commercial entity as stipulated in the Petroleum Industry Act (PIA).
The council advised that NNPC should also be strengthened and placed in a position where it would be paying taxes, royalties and profits to the Federation Account and properly regulated by NUPRC, NMDPRA and NCDMB.
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