THE Federal Government has concluded plans to effect three new changes – a single regulator, the Nigerian National Petroleum Corporation, NNPC’s public offer, and deregulation of the price of gas supplied to power plants – in the nation’s Petroleum Industry Bill, PIB.
Investigation by Energy Vanguard, showed that the three changes have already been proposed by the Presidential Economic Advisory Council, PEAC, as part of measures targeted at making the PIB more effective and beneficial to the nation, and were being considered by the government.
Under the current PIB before the National Assembly, the government had proposed to put in place two institutions, a Commission for Upstream Regulation and an Authority to oversee mid and downstream regulation.
The PIB did not have many details on deregulation of gas pricing and immediate steps toward ownership as well as future structure of NNPC.
But in its presentation to the 6th Regular Meeting of the PEAC with the President, May 7, 2021, obtained by Vanguard, Professor Doyin Salami-led PEAC said a single regulator, sale of the NNPC shares to the public, and deregulation of gas price would make positive impact on the nation’s economy.
The council, which reports directly to the President, has the responsibility to advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.