NNPC commercialized after two decades of trying

After two decades of failed attempts, Senate okays the Petroleum Industry Bill onstream to commercialise NNPC. What is in for oil bearing and oil producing communities? Subsidy on petrol could rise as high as N900 billion next year, and the federal government wants to spend it. Budget for next year hovers around N13 trillion, though. Nigerian politicians and scholars find China's century of Communist Party tingling. And what is the reason?

NNPC commercialised after two decades of trying The Senate Thursday passed the Petroleum Industry Bill (PIB) after two decades of failed attempts. The bill was passed after a clause-by-clause consideration of a report by the Joint Committee on Downstream Petroleum Sector, Petroleum Resources (Upstream), and Gas on the PIB. The Red Chamber approved the commercialisation of Nigerian National Petroleum Corporation (NNPC) and the scrapping of the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA). It also okayed 30 per cent of profits accruing from oil and gas operations by the NNPC Limited for the exploration of oil in the frontier basins and set aside three per cent of the operating expenditure of oil companies for the development of host communities. www.allroundergist.blogspot.com