President Muhammadu Buhari has authorized a committee to right away start the implementation of the Petroleum Industry Act (PIA).
The steering committee, which has 12 months length for the project, is headed by the Minister of State for Petroleum Resources, Timipre Sylva.
President Buhari gave the approval on Wednesday whereas giving a comment on the Act which he assented to 2 days in the past.
He spoke throughout a gathering with the management of the National Assembly led by the President of the Senate, Ahmed Lawan, on the Presidential Villa in Abuja.
The President hinted that related ministries, departments, businesses have been tasked to work with Sylva in the direction of the profitable completion of the implementation course of.
He decried that the shortage of political will has hampered the expansion of the trade, including that the nation has misplaced about $50 billion within the final 10 years.
However, President Buhari is hopeful that the brand new Act will coordinate the actions of the Nigerian National Petroleum Corporation (NNPC) and reposition it for additional progress.
“The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation,” mentioned an announcement by the President’s spokesman, Femi Adesina.
The committee has as members Permanent Secretary of the Ministry of Petroleum Resources, Group Managing Director of NNPC, Executive Chairman of Federal Inland Revenue Service (FIRS), in addition to representatives of the Ministry of Justice, and the Ministry of Finance, Budget and National Planning.
President Buhari’s Senior Special Assistant on Natural Resources, Olufemi Lijadu, is the External Legal Adviser, whereas the Executive Secretary of Petroleum Technology Development Fund (PTDF) will function Head of the Coordinating Secretariat and the Implementation Working Group.
Following the assembly with the lawmakers, the President went on to preside over the Federal Executive Council (FEC) assembly.