The federal government has set timeline for the
implementation of the Petroleum Industry Act (PIA).
This followed the inauguration of a nine-member steering
committee headed by Timipre Sylva, minister of state on petroleum.
Last week, President Muhammadu Buhari signed the petroleum industry bill into law.
During the inauguration, the president said the main
responsibility of the steering committee is to guide the effective and timely
implementation of the PIA and ensure that new institutions created have the
full capability to deliver on their mandate under the new legislation.
The timeline is a two-year plan for the incorporation of
NNPC, establishment of regulatory authorities, and the creation of host
community trust fund.
Under the timeline, by November 2022, it aims to establish
and set domestic gas base price.
It slated February 2022 for the conversion of the Nigerian
National Petroleum Corporation (NNPC) into a limited liability company. It also
fixed May 2022 for the creation of committees and nomination of board members
for the company.
In August 2022, the federal government said it would
implement the host community trusts fund. It fixed the same month for the
submission deadline of gas flaring elimination and monetisation plans by
licensees.
In 2023, it sets February for the transfer of assets and
liabilities to NNPC limited and by August to establish a framework for payment
of non-transferable liabilities.
It fixes August 2023 for the confirmation and modification of midstream and downstream tariffs for the sector.
The timeline did not set a specific time frame for the
establishment of the upstream petroleum regulatory commission and midstream and
downstream regulatory authority.
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