President Muhammadu Buhari on Wednesday appointed a steering committee to oversee the process of implementing the newly signed Petroleum Industry Act.
Buhari had signed the Petroleum Industry Bill into law on Monday which seeks to reform, promote transparency and attract capital flows into the oil and gas sector
The bill comprises five major parts, including Governance and Institutions; Administration; Host Communities Development; Petroleum Industry Framework; and Miscellaneous Provisions comprising 319 clauses and eight schedules.
One of the key recommendations of the bill is the unbundling of the NNPC and a revision of the funding mechanism.
The steering committee is headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva, Presidential Media Adviser, Femi Adesina, said in a statement on Wednesday.
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 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 is 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 the President.