The PIA is expected to grow investors’ confidence in the sector and create more employment opportunities for residents in host communities.
In addition, the President proposed a deletion of Sections 11, 11, 34 and 34 from the Petroleum Industry Act, which would see to the removal of the Ministries of Petroleum and Finance from the Board of the Nigerian Petroleum Regulatory Authority and Upstream Regulatory Commission. Buhari further requested the Senate to confirm the nominations of members of the Board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
According to the President, both requests for the confirmation of the board’s membership were made “in order to fast track the process for the establishment of the Commission.”HOWEVER, disappointment and cautious optimism were expressed yesterday over the progress being made on the implementation of the PIA, especially, the directive by President Buhari for the incorporation of Nigerian National Petroleum Corporation Limited as well as announcement of a board for the yet to be company.
The industry experts noted that while the board somewhat reflects federal character, the capacity of the directors to upturn the gloomy state of the sector in the face of rapidly declining revenue and huge debt remained a mirage. Described by Wikipedia as a “career politician,” Ararume is said to have Bachelor of Science degree in business administration from Liberty University in Lynchburg, Virginia and a Masters Science Degree in International Relations from the University of Benin.
Energy expert, who is currently Ghana National Petroleum Corporation, Petroleum Commerce Research Chair, University of Cape Coast Oil & Gas Studies, Prof Wunmi Iledare, said the new board looks more like business as usual despite the planned commercialisation of the national oil company. Iledare noted that the current development signals the body language of the government towards the full implementation of the PIA.
Emeka Okwuosa, managing partner, The Chancery Associates, though expressed satisfaction over the progress of PIA, feared that the board could be more of political patronage witnessed before the new legislation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senate considering life imprisonment for kidnappers | The Guardian Nigeria News - Nigeria and World NewsProposes 30 years jail term for ransom collection The Nigerian Senate is considering a legislation aimed at slamming a life jail sentence on those found guilty of kidnapping hapless Nigerians. A bill sponsored by Senator Ibikunle Amosun (APC, Ogun Central) scaled the second reading at plenary presided by the Senate President Ahmad Lawan on Tuesday. […] SamanthaJPower daddyhope IntlCrimCourt ABlinken Ecowas_cdc EFFSouthAfrica Nigeria wake up! Give them the land they want and make your country smaller! You are fighting ethnic groups, not one or two kidnappers! Nigeria keeps ignoring the truth! You are dealing with the same Law that will only be effected on southerners. Make una park well joor, as if you guys mean well for Nigerians. What about those that sponsor the kidnapers? Rubber stamp
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Buhari arrives New York for UN General Assembly | The Guardian Nigeria News - Nigeria and World NewsBuhari arrived at the JF Kennedy International Airport in New York at about 4 p.m. local time. He would address the UN General Assembly on Friday, Sept. 24. Buhari Nigeria UN I'm just sitting here wondering what exactly he'll say in his address!🤔🤔 'My fellow colleagues, my country Nigeria has finally found a lasting solution to the global problems of climate change, terrorism and inept leadership...' God help us!🙏🏽🙏🏽 UN This ( Criminal ) - Fake ( Buhari ) , Always Parading Himself & Claiming the ( Dead ) - Former President of Nigeria - ( Muhammad Buhari ) , Already ( DEAD ) And Buried In ( Saudi Arabia ) - Since ( 2017 ) , Pls , This is Fake ( BUHARI ) , UN What will he be doing till Friday? Practising his speech?
Source: GuardianNigeria - 🏆 1. / 94 Read more »
FIFA scribe commends Aisha Buhari Cup | The Guardian Nigeria News - Nigeria and World NewsFatima Samoura, the Secretary-General of Fédération Internationale de Football Association (FIFA), on Monday, commended the display of skills and the level of competition at the ongoing 2021 Aisha Buhari Cup in Lagos.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
NIESV plans enumeration of abandoned properties in states | The Guardian Nigeria News - Nigeria and World NewsThe Nigerian Institution of Estate Surveyors and Valuers (NIESV) has disclosed plans to carry out enumeration of abandoned properties across the state capitals.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
2022-24 MTFF/FSP and Nigeria’s dithering economy | The Guardian Nigeria News - Nigeria and World NewsIn the draft 2022-24 Medium Term Fiscal (sic) Framework/ Fiscal Strategy Paper for Public consultation, the Federal Ministry of Finance, Budget And National Planning and the Central Bank of Nigeria...
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Sudan state media report 'failed' coup attempt | The Guardian Nigeria News - Nigeria and World NewsA coup attempt in Sudan 'failed' early Tuesday, state media reported, as the country grapples with a fragile transition since the 2019 ouster of longtime President Omar al-Bashir.
Source: GuardianNigeria - 🏆 1. / 94 Read more »