PIB: Lawmakers Shun Advisory Council's Single Regulatory Body Recommendation

Emmanuel Addeh
The National Assembly has jettisoned the request by members of President Muhammadu Buhari’s Economic Advisory Council (EAC) for a single regulatory agency for the upstream, midstream and downstream sectors of the oil and gas industry.
However, the EAC’s advice that the federal government should not hold 100 per cent stake in the proposed company, Nigerian National Petroleum Corporation (NNPC) Limited was heeded to by the lawmakers, who have now set in motion the process of fully commercialising the national oil company.
The Doyin Salami-led organisation charged with the responsibility of advising the President Muhammadu Buhari on economic policy matters in a recent presentation at its sixth regular meeting with the president had opposed a provision in the PIB that recommended two regulators for the industry.

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