President Muhammadu Buhari officially unveiled the new brand of the Nigerian National Petroleum Company (NNPC) Limited on Tuesday at the State House, Abuja to inaugurate some provisions of the Petroleum Industry Act (PIA).
Buhari said the PIA had given the Nigerian oil industry a new mandate, with benefits such as “an improved fiscal framework, transparent governance, strengthened regulation and the creation of a commercially oriented and independent national oil company. which will operate without depending on government funding”.
What to expect from the new NNPC Limited?
During his speech at the unveiling, President Buhari said that NNPC Limited would henceforth operate without waiting for financial support from the Federal Government.
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Buhari explained that he would also not be required to transfer his income to the Treasury Single Account, as required by other state-owned companies, as NNPC becomes a private enterprise.
The President added that it would be exempt from institutional regulations, such as the Treasury Single Account, Public Procurement Law and fiscal responsibility.
However, Buhari said the NNPC will operate under the oversight of international law when it comes to the oil industry: “It will of course behave according to international business practices in terms of transparency, governance and commercial viability.
“NNPC Limited will operate as a commercial, independent and viable national oil company on par with its peers around the world.”
He added that “the NNPC is mandated by law to ensure Nigeria’s national energy security. Support sustainable growth in other sectors of the economy, as it provides energy to the world.
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