Updating your news feed...
NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
Loading banners
Loading banners...
Minister of State for Petroleum Resources, Timipre Sylva
The Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months, the Minister of State for Petroleum Resources, Timipre Sylva said on Tuesday.
This follows the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.
Mr Sylva, who was speaking at a press conference in Abuja, said a transitional committee is already in place to incorporate NNPC Limited.
All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
Mr Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.
(Channels TV)
