President Muhammadu Buhari on Wednesday commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process.
The steering committee will be headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva.
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 program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
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Other members include: Permanent Secretary, Ministry of Petroleum Resources; Group Managing Director, NNPC; Executive Chairman, FIRS; Representative of the Ministry of Justice; and the Representative of the Ministry of Finance Budget and National Planning.
Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu, is External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.
The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.