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The Petroleum Industry Bill (PIB), has passed the second reading at the Senate on Wednesday, November 2, 2016.

According to a report by TheCable, the PIB has been referred to the committee on Petroleum led by Tayo Alasoadura from Ondo Central, after it passed the second reading.

The committee is expected to perfect the legislative work on the first bill in the petroleum sector.

It was further reported that the Senate President, Bukola Saraki, said the next part of the bill would focus on the petroleum producing communities.

Alasoadura further explained that the objective of the bill was to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country‎.

”This bill provides for the unbundling of the NNPC into two independent entities, which are the National Petroleum Company (NPC) and National Asset Management Company."

Continuing, he said: “It also provides for the establishment of a single petroleum regulatory commission which will focus mainly on regulating the industry.

“The poor performance of the NNPC is a major concern. The commercialisation of the corporation and its splitting into two entities is for more efficiency and to enhance performance,”‎ he said.

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The PIB seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities.

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