In News by Oluwaseun Samuel on the 29th, September, 2020

Timipre Sylva Clears Air On Alleged Scrapping of NNPC

Timipre Sylva Clears Air On Alleged Scrapping of NNPC

Minister of State for Petroleum, Timipre Sylva

Minister of State for Petroleum, Timipre Sylva


Minister of State for Petroleum, Timipre Sylva, has clarified  that the federal authorities doesn’t plan to scrap the Nigerian Nationwide Petroleum Company following a brand new draft Petroleum Trade Invoice (PIB) despatched to the Nationwide Meeting by President Muhammadu Buhari.


Sylva allayed the fears whereas fielding questions from journalists on the Nationwide Meeting on Monday after an interactive session with the management of the Meeting.


The minister, nonetheless, clarified that the brand new PIB draft sought to commercialise and to not scrap the NNPC, NAN studies.


“We’ve heard a lot noise about NNPC being scrapped, however that’s not being envisaged by the invoice in any respect.

“NNPC is not going to be scrapped however commercialised consistent with deregulation strikes being made throughout all of the streams within the sector comprising upstream, downstream and midstream.

“Now we have stated that NNPC will probably be commercialised.

“However if you’re speaking about remodeling the business, the one new factor that we’re introducing is the event of the midstream, that’s the pipeline sector.

“So we now have offered robustly for the expansion of the midstream sector.

“By way of commercialisation, the required competitiveness within the sector will probably be achieved,” he stated.


Sylva stated that the host communities would even have the very best deal from the invoice.


In accordance with him, by way of the PIB, the business will probably be remodeled, and the Petroleum Equalisation Fund (PEF)and the Petroleum Merchandise Pricing Regulatory Company (PPPRA) is not going to exist in the identical kind that they exist at present.

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“However I don’t wish to go into the main points of the invoice till it’s learn on the ground of the Senate,” he stated.


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