![[OFFICIAL] Buhari Plans to Split NNPC into Two](https://nairametrics.com/wp-content/uploads/2015/07/SPLIT-ROADS.jpg)
- Nigerian President Muhammadu Buhari plans to split the state-owned Nigerian National Petroleum Corporation (NNPC) into two entities, his spokesman said on Saturday.
- “Mr President will soon split the NNPC into two entities. One will be an independent regulator and the other one an investor vehicle,” said spokesman Femi Adesina, who did not a provide a timeframe for the restructuring.
- The NNPC currently represents national interests in oil and gas exploration, manages the energy sector and is the industry regulator for Nigerian Oil Space.
- An NNPC source, who wished to remain unnamed, said the planned changes were long overdue.
- “We can’t continue to be a regulator, a revenue collector and a business, all rolled into one. That gives room for a lot of confusion, obfuscation and misrepresentation,” he said.
- Last month Buhari dissolved the NNPC board and more sackings are expected.
- The president, who has said he will not appoint a cabinet until September, is widely expected to keep the petroleum portfolio for himself.
- Under the constitution, the NNPC is supposed to hand over its oil revenue to the federal government, which then pays back what the firm needs based on a budget approved by parliament.
- But the act establishing the state oil company allows it to cover costs before remitting funds to the government.
- Source Reuters
