The Oil & Gas sector of the economy is set for transformation as President Muhammadu Buhari has approved the Implementation Framework for the newly signed Petroleum Industry Act (PIA), 2021.
According Femi Adeshina, President’s spokesman, “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 bill which has now been passed into law by the President will regulate the oil sector.
The new Act is aimed to coordinate the activities of the Nigerian National Petroleum Corporation (NNPC) and reposition it for further progress.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has been appointed by the president to head the Steering Committee that will drive the implementation process.
According to Femi Adeshina, “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 programme, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation”