LAGOS (Reuters) – Nigeria’s long-awaited oil reform bill would take steps to privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and create new regulatory bodies, a copy of the bill seen by Reuters showed.
President Muhammadu Buhari has sent the bill to the Senate, Senate President Ahmad Lawan confirmed late on Monday. It, along with the House of Representatives, must sign off on the bill before it can become law. Nigeria is Africa’s largest crude exporter.
Lawan said the communication from Buhari would be officially presented in the two chambers on Tuesday, and that they aimed to pass the bill “as quickly as possible.”
The legislation has been in the works for 20 years and looks to revise laws governing Nigeria’s