The Ministry of Petroleum Resources says that the policy has been approved by the Federal Executive Council.
Currently, there are multiple regulatory institutions overseeing the oil and gas industry in the country.
They include the Ministry of Petroleum Resources, Department of Petroleum Resources, Nigeria Content Development and Monitoring Board, Petroleum Products Pricing Regulatory Agency and the Petroleum Equalization Fund.
The National Gas Policy will collapse the five agencies into one regulatory authority for effective regulatory supervision of the sector.
The prices of oil and gas products will be centrally controlled by the new agency.