Buhari Moves To Stop Senators, Reps Plan to Scrap DPR, PPPRA

National Assembly's version of the controversial Petroleum Industry Bill recommends the dissolution of the Department of Petroleum Resources(DPR)and the Petroleum Products Pricing and Regulatory Agency(PPPRA).

But according to sources at the presidency, negotiations would soon kick off with the lawmakers to drop the Bill.

The Bill or proposed law titled: Petroleum Industry Governance Bill, 2016, is sponsored by
Sen. Omotayo Alasoadura(APC-Ondo), and 26 others.

It mimics in part, the Petroleum Industry Bill that was presented before the National Assembly by the Executive around 2005/2006.

Part three(3) of the Bill, 2016, anticipates in section 4 subsection 1 that "from the date of the commencement of this Act, without further assurance, the Commission shall be vested with all assets, funds, resources and other movable and immovable properties which immediately before the commencement of this Act were held by the Petroleum Inspectorate, the Department of Petroleum Resources and Petroleum Products Pricing Regulatory Agency.

"As from the date of the commencement of this Act, the rights, interests, obligations and liabilities of the Petroleum Inspectorate, Department of Petroleum Resources and the Petroleum Products Regulatory Agency existing immediately before the effective date under any contract or instrument or at law or in equity shall by virtue of this Act be assigned to and vested in the Commission".

The section adds that "any such contract or instrument covered by subsection 4(a) of this section shall be of the same force and effect against or in favour of the Commission and shall be enforceable as fully and effectively as if instead of the Petroleum Inspectorate, Department of Petroleum Resources or the Petroleum Products Pricing Regulatory Agency, the Commission had been named therein or had been a party thereto; and the Commission shall be subject to all the obligations and liabilities to which the Petroleum Inspectorate, Department of Petroleum Resources and Petroleum Products Pricing Regulatory Agency were subject immediately before the Effective Date and all other persons shall as from the Effective Date have the same rights, powers and remedies against the Commission as they had against the Petroleum Inspectorate, Department of Petroleum Resources and Petroleum Products Pricing Regulatory Agency immediately before the Effective Date".