Many To Loose Job As FG Scraps NNPC

The federal government of Nigeria is set to scrap the Nigerian National Petroleum corporation NNPC, the Department of Petroleum Resources DPR and the Petroleum Products Pricing Regulatory Agency PPPRA. The administration in the document released last week is heading to consolidate the functions and duties of these agencies and departments into one, The Petroleum Regulatory Commission,PRC.
The federal government inline with its promise to cut down government expenditure which started by the reduction of the number of ministries in the country is inline to make this historic readjustment in the most lucrative sector of the Nigerian economy.
The document explained that the various departments, do great work together but many times their duties overlap and the one agency may not even know what the others are doing.
The document released by the federal government acknowledged the fact that the duplication of duties have made these parastatals grossly ineffective and inefficient and to curb this, the petroleum minister will serve as the supervisor and policy driver of this single regulatory body
“This does not mean that the regulatory authority will report to the Ministry on a day to day basis. The new single regulatory authority will be an operationally independent regulatory institution. The Minister’s involvement will be hands off and just to ensure that the regulatory authority properly carries out its roles of implementing the policy”, it explained.
This move is geared towards increasing efficiency and more oversight on the deeply corrupt but essential petroleum sector of the economy
FUTURE SAVINGS
The document which is being prepared for proper legislative backing and protection also contains a proposal for the determination of the limit to government expenditure of petroleum revenue accruing to the country. The government will set a cap on the amount of money spent on recurrent and capital expenditure while a portion will be mapped out for savings for the future generation. This move will enable Nigeria prepare for the proverbial rainy days.
Also, unprofitable refineries are set to be sold in this proposed document.