The Minister of State for Petroleum Resources, Timipre Sylva has stated on Tuesday that the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months.
This is stemming from the recently signed Petroleum Industry Bill by President Muhammadu Buhari on Monday.
Timipre Sylva, stated during a press conference in Abuja, said a transitional committee is already in place to incorporate NNPC Limited.
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All shares in the NNPC Limited will be vested in the government at incorporation and maintained by the Ministry of Finance.
Sylva noted that despite the new petroleum act has deregulated the oil sector, subsidy policies will remain in effect till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.
