Buhari declares NNPC as profit-oriented firm; gas shortage lingers

By Publish Desk President Muhammadu Buhari on Tuesday unveiled the ‘new’ Nigerian Nationwide Petroleum Firm

By Publish Desk

President Muhammadu Buhari on Tuesday unveiled the ‘new’ Nigerian Nationwide Petroleum Firm Restricted, declaring that it’s going to function as a business nationwide oil firm as Nigerians wrestle throughout the nation to purchase gas.

The disclosing formally modifications the oil agency from an entirely state-run entity to a business firm, restricted by shares.

On the unveiling ceremony in Abuja, Mr Buhari stated, “By likelihood of historical past, I used to be privileged to steer the creation of the NNPC on the primary of July 1977. Forty-four years later, I used to be once more privileged to signal the PIA act in 2021, heralding the reform of our petroleum sector.”

He added, “I, due to this fact, thank almighty God for selecting me to constantly play an vital position in shaping the future of our nation’s oil firm from the nice to the nice.”

Based on the president, his regime is remodeling the petroleum trade to strengthen its capability and market relevance for the current and future international power precedence.

Mr Buhari identified that the provisions of the Petroleum Trade Act supplied “a brand new impetus with improved fiscal framework, clear governance enhanced regulation and the creation of a commercially pushed unbiased nationwide oil firm.” 

He pressured that the ‘new’ NNPC would “function with out counting on authorities funding and free from institutional laws equivalent to the only treasury account, public procurement and monetary accountability act.”

In the meantime, gas shortage persists throughout the nation with some filling stations shut down amid experiences some are promoting above the official pump worth.

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NNPC turned integrated in September 2021, weeks after Mr Buhari had signed the PIA into regulation.

Supply: Peoples Gazette.