BREAKING: Buhari Okays Committee to Implement Petroleum Industry Act
- The presidency led by President Muhammadu Buhari is serious about the new Petroleum Industry Act (PIA)
- In a Federal Executive Council (FEC) meeting on Wednesday, August 18, President Buhari approved the committee to implement the PIA
- The committee is to be chaired by the minister of state for petroleum resources, Chief Timipre Sylva
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Abuja - During the weekly Federal Executive Council (FEC) meeting held in Abuja on Wednesday, August 18, President Muhammadu Buhari inaugurated the committee to implement the Petroleum Industry Act (PIA).
Channels TV reports that the committee, led by the minister of state for petroleum resources, Timipre Sylva, has a year to implement the act.
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The president called all relevant Ministries Department and Agencies (MDAs) to cooperate with Sylva for the successful execution of the task, The Nation also reported.
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He expressed hope that the PIA will regulate the affairs of the Nigerian National Petroleum Corporation (NNPC) and reposition it for more progress.
A statement capturing the president's position read:
“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.”
Buhari's govt gives final say on increasing petrol price
Meanwhile, the federal government, through Sylva had insisted that at the moment, the price of petrol per liter is N162.
According to Sylva on Tuesday, August 17, in Abuja, the government is in talks with labour unions on the need to and constitutionality of implementing full deregulation of the oil and gas sector.
Based on this, Sylva stated that until the deregulation of the sector is fixed and made to start running, the price of the product remains untouched.
His words:
“I cannot give you a timeline now. But it is not going to be too far from now because we have done quite a lot of extensive work.
“So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition.”
Source: Legit.ng
