President Muhammadu Buhari has sought the amendment of newly passed Petroleum Industrial Act (PIA) five weeks after the it was signed into law.
Buhari had on August 16 signed into law Petroleum Industrial Act.
However, in a letter sent to the Senate which was read by Senate President, Senator Ahmad Lawan, Buhari explained that the amendments became necessary after a review of the administrative structure of both the Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Buhari asked the Senate for the expansion of the non-executive board members of each of the two regulatory institutions from two to six; removal of the ministries of petroleum and finance from the board of the two institutions and exempting Executive Directors of Nigerian Midstream and Downstream Petroleum Regulatory Authority, who are civil servants, from Senate confirmation process.
The letter reads “The Petroleum Industry Act 2021 provided for the appointment of two non-executive members for the board of the two regulatory institutions.
“I am of the view that this membership limitation has not addressed the principle of balanced geopolitical representation of the country, therefore, pray for the intervention of the 9th Assembly to correct this oversight in the interest of our national unity.
“Needless to add that this amendment will 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.
“If this amendment is approved, it will now increase the number of the non-executive members from two to six, that is one person from each of the six geopolitical zones of the country.”
The amendment may reduce Minister’s Petroleum Power if succeeded.