The Nigerian Senate on Tuesday read for the second time, “a bill for an act to amend the Nigerian National Petroleum Corporation (NNPC) Act CAP N123 LFN 2004 and for other connected matters therewith, 2017” after a major disagreement among senators which required a strong-arm intervention from the presiding officer, Premium Times reports.
The bill seeks to make the appointment of the Group Managing Director of the NNPC subject to confirmation by the Senate as well as increase the contract approval limit of the GMD from N5 million to N500 million or its dollar equivalent. The bill when passed will also make it mandatory for the NNPC to submit its annual report of the audited account of its operations to the senate not later than three months before the end of a financial year.
The second reading of the bill, however, was opposed by many senators who wanted the bill to be stepped down. However, Senate President, Bukola Saraki, said most of the reservations expressed by senators were trivial. He affirmed that the crux of bill is the provision that makes it mandatory for the NNPC to present its budget before the National Assembly. The bill was subsequently read for the second time and referred to the Senate Committee on Petroleum Resources (upstream, downstream, and gas) to report back in four weeks.