The federal govt says it has scraped three oil sector agencies as required below the brand new petroleum regulations.
Below the Petroleum Swap Act, enacted in August, the Department of Petroleum Property (DPR), the Petroleum Products Pricing Regulatory Company (PPPRA), and the Petroleum Equalisation Fund (PEF) no longer exist.
They’re changed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NPRA, and the Nigerian Upstream Regulatory Commission, NURC.
The Minister of Dispute for Petroleum Property, Timipre Sylva, confirmed the brand new departments have taken off on Monday, as he inaugurated their boards in Abuja.
He acknowledged the team of the scraped agencies will most certainly be retained while new
chief executives will make a choice payment, Punch reported Tuesday.
President Muhammadu Buhari in September nominated the chairpersons, participants and commissioners of the brand new agencies. The nominees were accredited by the Senate on October 6.
“The regulations states that the total sources and even the team of the DPR are to be invested on the commission and furthermore in the authority. So as that design the DPR doesn’t exist anymore,” Mr Sylva instructed journalists, constant with Punch.
“And, pointless to explain, the regulations particularly repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The regulations particularly repeals them. It’s terribly decided that these agencies form now not exist anymore.
“The regulations furthermore provides for the team and the roles in these agencies to be stable. Nonetheless I’m certain that that doesn’t quilt, unfortunately, the chief executives, who were on political appointments.”
Mr Sylva acknowledged, “The authority has its team coming from the defunct PEF, PPPRA and DPR. The commission has team coming over from DPR and the approach goes on for the following few weeks.”
Mr Sylva acknowledged the inauguration of the boards on Monday marked the starting place of the successor agencies.
“To this level, the chief executives of these agencies have not been in enviornment, nonetheless pointless to explain, Mr President in his recordsdata made the appointment just a few weeks ago and they went by a rigorous course of of affirmation at the National Assembly.
“The agencies have now taken off as a consequence of they now have decided leadership and today time’s event marks the starting place for the brand new agencies,” he acknowledged.
He further acknowledged that with the passage of the PIA into regulations, after spending over 20 years in the approach, the float changed into as soon as decided for traders to entirely invest in Nigeria’s oil sector.
“These days, the PIA has clarified the appropriate framework across the sphere and the agencies at the 2nd are in enviornment. So I don’t leer the leisure now stopping traders from coming,” he acknowledged.
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