From The Nation

Nigeria plans to split  the Nigerian National Petroleum Corporation (NNPC) into two to help ease a planned stake sale of at least 40 per cent of a newly created National Petroleum Co (NPC) in coming 10 years, according to a draft of a long-awaited oil bill seen by Reuters.

The bill envisages the sale of at least 10 per cent of NPC over five years, and is targeting 40 per cent or more over 10 years. The transaction is expected to fix a cash shortage that is hampering investment at NNPC and end graft.

The National Assembly is to start debating within days the amended Petroleum Industry Bill (PIB), in the works for a decade and designed to change everything from taxes to environmental rules and revenue sharing, as well as overhauling NNPC.

Lawmakers have not previously been able to agree on the 200-page bill, but President Muhammadu Buhari has made its passing a priority as he seeks to overhaul the oil and gas sector, which accounts for 70 percent of state income.

NNPC’s output has been stagnant at around two million barrels a day for years as the company struggles with graft, bureaucracy and funding problems.

Read more at The Nation