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The bill seeks to establish a framework for the creation of a commercially oriented and profit-driven national petroleum company, promote transparency, good governance, and accountability in the administration of petroleum resources of Nigeria, foster a business environment

The bill seeks to authorize the issue of the total sum of ₦13,082,420,568,233(Thirteen Trillion, Eighty-Two Billion, Four Hundred and Twenty Million, Five Hundred and Sixty-Eight Thousand, Two Hundred and Thirty-Three Naira) only from the Consolidated Revenue Fund of the Federation, of which:

The bill seeks to amend the Nigerian Oil and Gas Industry Content Development Act by expanding its scope to capture changes in the industry. The bill proposes to: Create a Nigerian Content Council to be headed by the Vice-President; Deduct the sum of 2% from every contract awarded

The bill seeks to amend the 2020 Appropriations Act and authorize the issue of the total sum of ₦10,509,654,033,053 only from the Consolidated Revenue Fund of the Federation, of which: ₦398,505,979,362 is for Statutory Transfers; ₦2,951,710,000,000 is for Debt Service;