According to the lawmakers, the levy will be used to fund the Petroleum Equalisation Fund (PEF) as reflected in the new bill.
Browsing: Nigerian Petroleum Regulatory Commission
“The chairmen of the harmonisation committee from both the House of Representatives and that of the Senate, and members of the committee have already been named. So, I do not think there would be any issue arising from the internal efforts of the National Assembly,” he stated.
If eventually signed by the president, the bill will unbundle the Nigerian National Petroleum Corporation (NNPC) and provide for the establishment of Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.
The bill provides that the benefits to be derived by non-oil communities will be less than those for communities where oil exploration and production take place.
“We have streamlined and sharpened the role of the Minister. We have also enhanced the extensive reform of NNPC into two limited liability companies- the National Petroleum Company and Nigeria Petroleum Assets Management Company to ensure efficient and effective commercial performance. In carrying out our assignment we have ensured that the major lapses associated with prior institutional frameworks have been remedied.”
