Barely a month after assenting to the Petroleum Industry Act (PIA), President Muhammadu Buhari is asking the Senate to amend the act that was passed by the National Assembly.
The PIA is expected to grow investors’ confidence in the sector and create more employment opportunities for residents in host communities.
President Buhari explained that the appointment of two non-executive members as provided for by the Act to the board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) and Upstream Regulatory Commission (URC) does not reflect balanced geopolitical representation.
He therefore requested amendment of the Administrative Structure of the PIA, to increase the number of the non-executive members from two to six on the boards of the NPRA and URC.
According to him, doing so would foster national unity and provide a sense of participation and inclusion to almost every section of the country in the decision making of strategic institutions such as the oil industry.