Abuja – A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry and for Related Matters on Thursday, passed third reading at the House of Representatives.
The Bill was presented to the “Committee of the Whole’’ at plenary after a public hearing conducted on it in the last quarter of 2017.
It seeks to establish a fiscal framework that will further encourage investment in the oil industry.
The bill also seeks to unbundle the Nigerian National Petroleum Corporation (NNPC) into components, including Nigerian Petroleum Regulatory Commission, Petroleum Equalisation Fund and Nigerian Petroleum Management Company.
The bill was transmitted from the Senate to the House of Representatives for second reading in June, 2017.
At the second reading, Rep. Tahir Monguno (Borno-APC) had said that “unbundling the NNPC into units was in line with international best practices and would ensure transparency in the conduct of businesses in the industry’’.
After the Clerk of the House, Mr Abdulkadir Adamu, read the short title of the bill at Thursday’s plenary, the Speaker, Mr Yakubu Dogara, ruled that the bill was read and had passed third reading. (NAN)