Following the assent to the Petroleum Industry Bill (PIB) President Muhammadu Buhari on Wednesday, kick-started the implementation of the Petroleum Industry Act (PIA) as he has approved a steering committee to oversee the process.
The steering committee is headed by the Minister of State, Petroleum Resources, Timipre Sylva.
A statement by Femi Adesina, Buhari’s media aide said that other members in the committee included: 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.
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.
The committee has 12 months duration for the assignment and periodic updates will be given to Mr President.
Recall that on his return from the United kingdom where he went for an education summit and medical checks, the President assented to the Petroleum Industry Bill passed by the National Assembly few weeks back.
His assent came even as various Nigerian stakeholders were still debating the pros and cons of the Bill, especially host communities in the Niger Delta region rejecting the 3% revenue accrual given to them and insisting on 10 percent.