THE Minister of State for Petroleum Resources, Timipre Sylva, has said the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months.
Sylva disclosed this on Tuesday, August 18, 2021 while reacting to the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.
The minister, who was speaking at a press conference in Abuja, said a transitional committee is already in place to incorporate NNPC Limited.
According to the bill, all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
He noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice, adding that an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.
