Leadership (Abuja)
Golu Timothy
5 August 2008
The presidential committee on Oil and Gas Sector Reform Implementation, headed by Dr. Rilwanu Lukman, yesterday submitted to President Umaru Musa Yar'adua, a draft Petroleum Industry Bill seeking legitimacy for the proposed new structures in the sector and the repeal of all existing laws on oil and gas .
The bill, aimed at facilitating the oil and gas sector reform, is seeking the repeal of the Petroleum Act, Petroleum Profits Tax Act, Petroleum Products Pricing Regulatory Authority Act, Petroleum Equilisation Fund Act, Petroleum Technology Development Fund Act, etc and the creation of the National Petroleum Asset Management Agency, National Petroleum Research Centre, National Petroleum Directorate, and National Petroleum Inspectorate, among other new agencies.
Receiving the draft bill at the State House, President Yar'adua said the government would expidite action on it and ensure that the National Assembly also does so. "On my part, I assure you that the government will act on it expeditiously without delay. I intend that by next week, this document would be placed as a memo adopted by the minister of energy for consideration and passage by Federal Executive Council, and that will form the first critical step for the implementation of the recommendation of the report."
He added: "We will also engage immediately in undertaking critical steps to consult the National Assembly leadership and also create the opportunity for committee to interact with the Senate and House of Representatives committees on nergy and other stakeholders so that, like you suggested, there would be a total buy in by all stakeholders. It is important that Nigeria as a nation indentifies itself fully with the reforms that we intend to do as recommended by this committee."
Submitting the report Lukeman said, "Our report provides for the incorporation of the Nigerian National Petroleum Company Limited as an independent limited liability company. What we have done in the case of the NNPC is to clearly define what a truly national oil company should do and put it in a way that it can operate as a profitable centre, as a commercial organisation that is designed to make profit like other oil companies."
The president restated his determination to restructure the nation's petroleum sector with a view to making it "viable, competitive, and highly commercial and profit oriented." He lamented that the Nigeria National Petroleum Corporation (NNPC) has not measured up to international standards. "
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