President Muhammadu Buhari has approved the proposed Implementation Framework for the Petroleum Industry Act (PIA), 2021.
The President also appointed the Minister of State for Petroleum Resources, Chief Timipre Sylva, to head the Steering Committee that will drive the implementation process.
He gave the approval on Wednesday while speaking on the PIA, during a meeting with the leadership of the National Assembly.
Other members 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.
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.
Buhari said, “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.”
