Senate backs the restructuring of NNPC

The Senate has declared its support for the restructuring of the Nigerian National Petroleum Corporation, NNPC.The Senate had earlier criticised the Minister of State for Petroleum, Ibeh Kachikwu for announcing the major policy without proper consultation and without the amendment of the NNPC Act.
The Senate Whip, Sola Adeyeye, said the move was an “illegality”.

Mr. Kachikwu however apologised to the Senate for not consulting the legislative body before announcing on the restructuring.
“I must apologise that we didn’t take some of the senate leadership along the path of this restructuring but if you look at the draft of the Petroleum Industry Bill sent to us for our input, you will discover that the restructuring was within the suggestion we made,” he said.
“Having said that, I must take responsibility for not carrying out the necessary consultation as we should have done,” he added.
The Senate Whip, Mr. Adeyeye said the minister would have violated the law if he had stuck to the use of the word “unbundling”.

After a closed-door session with the minister, the chairman, Senate Committee on Petroleum Resources (Upstream), Tayo Alasoadura, (APC-Ondo State) told journalists the Senate was satisfied with the minister’s plan.