The legal framework, for the programme is the Public Enterprises (Privatisation and Commercialisation) Act of 1999. It was promulgated by the previous administration. 

The establishment and functions of the National Council on Privatisation a provided for in Sections 9(11) of the Privatisation Act are as follows: 

There is hereby established the National Council on Privatisation (in this Act referred to as "the Council"). 

The Council consists of: 

• The Vice President, as Chairman;

• the Minister of Finance, as Vice Chairman;

• the Attorney-General of the Federation and Minister of Justice;

• the Minister of Industry;

• the Secretaiy to the Government of the Federation;

• the Governor of the Central Bank of Nigeria;

• the Chief Economic Adviser to the President;

• four other members to be appointed by the President: and

• the Director-General of the Bureau of Public Enterprises.

Notwithstanding the provisions of subsection (2) of this section, th Council may co-opt the supervising Minister of an affected public er terprise to attend relevant meetings of the Council.  B-Functions and Powers of the Council 

(1) The functions and powers of the Council are to:- 

1. determine the political, economic and social objectives privatisation and commercialisation of public enterprises; 

2. approve policies on privatisation and commercialisation; 

3. approve guidelines and criteria for valuation of public enterprises for privatisation and choice of strategic investors; 

4. approve public enterprises to be privatised or commercialised; 

5. approve the legal and regulatory framework for the public enterprises to be privatised; 

6. determine whether the shares of a listed public enterprise should be by public or private issue or otherwise and advise the Government of the Federation, accordingly; 

7. determine the time and when a public enterprises is to be privatised; 

8. approve the prices for shares or assets of public enterprise to be offered for sales; 

9. review, from time to time, the socio-economic effects of the programme of privatisation and commercialisation and decide on appropriate remedies; 

10. approve the appointment of privatisation advisers and consultants and their remuneration; 

11. appoint as and when necessary committees comprising persons from private and public sectors with requisite technical competence to advise on the privatisation or commercialisation of specific public enterprises; 

12. approve the budget of the Council; 

13. approve the budget of the Bureau; 

14. supervise the activities of the Bureau and issue direction on the implementation of the privatisation and commercialisation programme; 

15. receive and consider, for approval, the audited accounts of the Bureau; 

16. submit to the President of the Federal Republic of Nigeria, in each year a report on the activities of the Council and the Bureau;

17. receive regular and periodic reports from the Bureau on programme implementation and give appropriate directions; and perform such other functions as may, from time to time be necessary to achieve its objectives.