FG To Stop Funding NNPC Limited, As Pres. Buhari Reveals New Brand, Direction

The Nigerian National Petroleum Company (NNPC) Limited has officially been unveiled by President Muhammadu Buhari, as the era of the Nigerian National Petroleum Corporation comes to an end.

President Buhari said the new NNPC Limited will be self-financed, without funding from the Federal Government, and will be excluded from the regulations placed on Ministries, Departments and Agencies (MDAs) going forward.

It was gathered that NNPC Limited will be excluded from public procurement, treasury single account, as well as the fiscal responsibility act, Buhari said on Tuesday, at the State House, Abuja.

He further stated that, “NNPC Limited will operate in a commercial, independent and viable national oil company at par with its peers around the world.

“NNPC is mandated by law to ensure Nigeria’s national energy security is guaranteed. To support sustainable growth across other sector of the economy, as it delivers energy to the world.”

While NNPC is not limited by the MDA regulations, it will, however, be subject to international law, “It will of course conduct itself under the international business practices in transparency, governance and commercial viability.” Buhari said.

The president disclosed that with the Petroleum Industry Act, which led to the transformation of the NNPC Limited, the oil industry in Nigeria will experience, “improved fiscal framework, transparent governance, enhanced regulation and creation of commercial-driven and independent national oil company that will operate without relying on government funding.”