President Muhammadu Buhari has approved a nine-member steering committee to ensure the implementation of the Petroleum Industry Act (PIA).
Femi Adesina, special adviser to the president on media and publicity, made the announcement in a statement on Wednesday.
On Monday, President Muhammadu Buhari signed the petroleum industry bill into law.
The law which mandates the deregulation of the petroleum sector, provides for the establishment of a new national oil company and the removal of petrol subsidy.
According to the statement, Buhari appointed Timipre Sylva, minister of state for petroleum resources, as head of the steering committee.
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; Olufemi Lijadu as external legal adviser; while the executive secretary, Petroleum Technology Development Fund, is to serve as head of the coordinating secretariat and the implementation working group.
“The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation,” the statement reads.
The presidential spokesman said the committee has 12 months duration for the assignment.
He added that periodic updates will be given to president on their activities.