President Muhammadu Buhari today inaugurated an implementation committee headed by the Minister of state on petroleum, Chief Timipre Sylva, to immediately commence implementation of the Petroleum Industry Act in 12 months.
President Buhari gave the approval while speaking on the PIA, which he signed into law on Monday during a meeting with the leadership of the National Assembly led by the President of the Senate, Dr. Ahmad Lawan.
He charged other ministries and departments of agencies to work with the minister of state for petroleum towards successful completion of the implementation process.
The President said lack of political will had hampered the growth of the industry, noting that in the last ten years, the country had lost about 50 billion dollars. He said the new act will coordinate the activities of the NNPC and reposition it for further progress.
Also speaking, the President of the senate, Dr. Ahmad Lawan has cautioned against tampering or manipulating the disbursement of the three percent (500 million dollars) compensation which accrues to host communities by the appointed people.