Spread the love
In letters read on the floor of both houses by principal officers, President Buhari seeks to remove the Ministers of Petroleum Resources and Finance from the board of the newly created Nigerian National Petroleum Corporation, (NNPC) Limited.
The President insisted that the affected Ministers can continue to perform their functions without necessarily being members of the board of NNPC Limited.
Part of the amendment being sought by Buhari on PIA is to increase the number of Non-Executive members of the NNPC Limited Board from two to six to reflect Federal Character.
The bill was passed after the lawmakers considered the report of the Joint Committees on Petroleum (Upstream and Downstream) and Gas Resources on Thursday, July 1, 2021.
In the approved bill, the Senate approved a funding mechanism of 30 percent of NNPC’s profit from oil and gas for frontier basins. This fund is for oil exploration in frontier states.
The bill had proposed 2.5 per cent Equity Share Holding for Host Communities while the committee recommended five per cent.
The Equity Share Holding for Host Communities was top among the demands of individuals and groups at the public hearing of the bill which was held over five months ago.
The passage of the bill was preceded by disagreement and division among the lawmakers.
You may be interested
Govt links Igboho to Boko Haram sponsor; Kanu to #EndSARS protestsWebby - October 23, 2021
By Eric Ikhilae, Sanni Onogu, Tony Akowe, Nicholas Kalu, Abuja and Bisi Oladele, Ibadan Alleges N273m passed through Igboho’s account…
FG links Igboho to B/Haram fundingWebby - October 23, 2021
‘Linking Yoruba agitator with terrorism financing pedestrian’ We challenge them to name his lawmaker sponsor – Lawyer Govt accuses Kanu of killing…
President Buhari meets Ogoni Leaders, may grant pardon to saro wiwa, othersWebby - October 23, 2021
President Muhammadu Buhari Friday in Abuja urged Ogoni Leaders to sensitize indigenes on value of protecting national assets like pipelines…