President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process.
The steering committee is headed by the Minister of State, Petroleum Resources, Timipre Sylva.
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 will serve as External Legal Adviser.
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.
It will also ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.
