Sylva heads committee on Petroleum Industry Act implementation

The President approved the nine-member steering committee towards ensuring the  implementation of the Petroleum Industry Act (PIA).

Recall that the President on Monday signed the petroleum industry bill into law, which mandates the deregulation of the petroleum sector as well as provide for the establishment of a new national oil company and the removal of petrol subsidy.

Others appointed alongside Sylva includes; the Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, Nigeria National Petroleum Corporation (NNPC), the Executive Chairman, Federal Inland Revenue Service (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, Mr. Olufemi Lijadu as the external legal adviser; while the Executive Secretary, Petroleum Technology Development Fund (PTDF), will serve as head of the coordinating secretariat and the implementation working group.

According to the presidency; “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 presidency, however, added the committee has 12 months to carry out the assignment with periodic updates to the President.