Senate scraps NNPC, establishes 3 new agencies

The Nigeria National Petroleum Corporation (NNPC), has been scraped by the Senate.
This is following the passage of the controversial Petroleum Industry Governance Bill (PIGB).
The Senate had on Thursday passed the PIGB, after its clause by clause consideration.
To replace NNPC, the Senate recommended the establishment of three new agencies to effectively manage the oil and gas sector.
One of the three agencies established in the bill is the Nigerian Petroleum Regulatory Commission (NPRC), which shall be headed by a Chairman.
The commission will also consist of Commissioners, whose appointments and removal shall be subject to Senate approval.
Another of the three is the Petroleum Product Pricing Regulatory Agency (PPPRA) which is put under the new commission.
The PIGB also established the Nigerian Petroleum Asset Management Company (NPAMC) and National Petroleum Company (NPC), to coordinate the activities of other existing agencies, including the Department of Petroleum Resources (DPR).