President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act by approving a steering committee to oversee the process.
The primary responsibility of the steering committee will 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 committee has 12 months duration for the assignment, and periodic updates will be given to Buhari.
The Senate had passed the Bill on July 15, 2021, while the House of Representatives did the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration.
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