Breaking News: What Will Happen To NNPC In Six Months – Sylva


Timipre Sylva, the Minister of State for Petroleum Resources, has said the the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months.

Recall that President Muhammadu Buhari had on Monday, while in Self-isolation, signed the Petroleum Industry Bill into law.

Speaking at a press conference on Tuesday, the minister said a transitional committee is already in place to incorporate NNPC Limited.

According to him, all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.

He said the signing of the PIB by the President does not automatically translate to the immediate end of the subsidy regime in Nigeria.

He added also that newsmen will be engaged appropriately on the next line of action by the government when the time is right.

In other news, the National Bureau of Statistics (NBS) has disclosed that inflation dropped further to 17.38 per cent (year-on-year) in July 2021.

READ ALSO: NEPC applauds NNPC on Nigeria’s first methanol refining plant reports that this was made known by the NBS in its Consumer Price Index report for June which was released on Tuesday

According to NBC, the latest drop is 0.37 points lower than the rate recorded in June 2021 (17.75 per cent).

Meanwhile, food inflation declined to 21.03 per cent compared to 21.83 per cent recorded in the previous month, while core inflation stood at 13.73 per cent, up by 0.63 per cent compared to 13.09 per cent recorded in the previous month.

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