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Buhari Approves Committee To Implement Petroleum Industry Act

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PRESIDENT Muhammadu Buhari has approved a steering committee to oversee the process of implementing the newly signed Petroleum Industry Act (PIA).

A statement released by the Special Adviser to the President on Media and Publicity, Femi Adesina, said the steering committee would be headed by the Minister of State, Petroleum Resources, Timipre Sylva.

The statement listed other members to 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; and the Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser.

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The Executive Secretary, Petroleum Technology Development Fund will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

Adesina stated that the primary responsibility of the steering committee would 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 had the full capability to deliver on their mandate under the new legislation.

“The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President<” Adesina said.

Prime Business Africa reported on Monday that President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) 2021 into law.

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The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters.

The Senate passed the Bill on July 15, 2021, while the House of Representatives followed suit on July 16.

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