President Muhammadu Buhari has approved an implementation framework for the Petroleum Industry Act, which he signed recently, by appointing a steering committee to supervise the process.

 

He named the Minister of State, Petroleum Resources, Timipre Sylva, as the head of the steering committee.

 

Other members of the committee are 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.

 

Speaking at the start of this week’s virtual Federal Executive Council meeting, Buhari described the passage of the PIB into law as the “end of decades of uncertainty and under-investment in the petroleum industry.

 

“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape,” he said.

 

“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law.

 

“Let me now commend the leadership of the 9th Assembly for their continued pursuit of our national aspiration and demonstration of mutual harmony with the Executive in the pursuit of a patriotic outcome in the passage of the PIB.

 

 “I also commend the entire team in the executive that worked tirelessly to ensure the delivery of this strategic legislation for our country

 

 “I thank Nigerians and other industry stakeholders for their contributions and support in achieving this historic landmark,” the President said.

 

The signing of the PIA by the president has generated condemnations from interest groups in the Niger Delta region, which criticized the three percent provision for the host communities.

 

Senate President speaking on this asked those in charge of implementing the Act not tamper with or manipulate the disbursement of the funds for the host communities.

 

Buhari approves steering committee on Petroleum Industry

 

President Muhammadu Buhari has approved an implementation framework for the Petroleum Industry Act, which he signed recently, by appointing a steering committee to supervise the process.

 

He named the Minister of State, Petroleum Resources, Timipre Sylva, as the head of the steering committee.

 

Other members of the committee are 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.

 

Speaking at the start of this week’s virtual Federal Executive Council meeting, Buhari described the passage of the PIB into law as the “end of decades of uncertainty and under-investment in the petroleum industry.

 

“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape,” he said.

 

“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law.

 

“Let me now commend the leadership of the 9th Assembly for their continued pursuit of our national aspiration and demonstration of mutual harmony with the Executive in the pursuit of a patriotic outcome in the passage of the PIB.

 

 “I also commend the entire team in the executive that worked tirelessly to ensure the delivery of this strategic legislation for our country

 

 “I thank Nigerians and other industry stakeholders for their contributions and support in achieving this historic landmark,” the President said.

 

The signing of the PIA by the president has generated condemnations from interest groups in the Niger Delta region, which criticized the three percent provision for the host communities.

 

Senate President speaking on this asked those in charge of implementing the Act not tamper with or manipulate the disbursement of the funds for the host communities.