By Deborah Hassan
365Daily – President Muhammadu Buhari on Wednesday, August 18, 2021, approved the Implementation Framework for the newly signed Petroleum Industry Act (PIA), 2021.
This is as he appointed the Minister of State for Petroleum Resources, Chief Timipre Sylva, as head of the PIA Implementation Steering Committee.
Other members of the Committee as announced by the President during a meeting with the leadership of the National Assembly include the Permanent Secretary, Ministry of Petroleum Resources; the Group Managing Director NNPC; the Executive Chairman FIRS; a representative of the Ministry of Justice; a representative of the Ministry of Finance and a representative of Budget and National Planning.
The meeting took place at the Presidential Villa before the commencement of the weekly Federal Executive Council (FEC) meeting, which was virtual.
The Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu will serve as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, is the Head of the Coordinating Secretariat and the Implementation Working Group.
The Committee, which has a 12-month work frame within which periodic updates will be made to the President, is mandated to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry.
It is also to ensure that the institutions created by the Act have the full capability to deliver.
Buhari assured that the new law would “end of decades of uncertainty and under-investment in the petroleum industry.”
He added that 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.
“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.”