President Muhammadu Buhari has approved a committee headed by the Minister of State for Petroleum Resources, Timipre Sylva, to immediately commence the implementation of the recently signed Petroleum Industry Act (PIA). Other members include Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, representative of the Ministry of Justice, representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as head of the coordinating secretariat and the implementation working group. Mr. President gave the approval, at a ceremony shortly before the commencement of the weekly Federal Executive Council (FEC) meeting on Wednesday, at the presidential villa, Abuja. The steering committee has been given 12 months from now to conclude its assignment, with periodic updates delivered to Mr. President.
The primary responsibility of the steering committee will be to direct the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
President Buhari charged other ministries, departments, and agencies to cooperate with the minister towards the successful completion of the implementation process.
He noted that the lack of political will has hampered the growth of the industry in the last 10 years, during which, he affirmed, the country has lost about $50 billion.
However, President Buhari expressed optimism that the new Act will coordinate the activities of the Nigerian National Petroleum Corporation (NNPC) and reposition it for further progress.
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