President Muhammadu Buhari is seeking an amendment to the recently enacted Petroleum Industry Act.
In a letter to the National Assembly, the President seeks to remove the Ministers of Petroleum Resources and Finance from the boards of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
In the letter read by the presiding officers on Tuesday, the President said the two Ministers can continue to perform their functions without necessarily being members of the boards of the regulatory agencies.
He said the proposed amendment will increase the membership of each board from 9 to 13 members, representing 44 percent expansion of the board size.
It will also strengthen the institutions and guarantee national spread as well as achieve the expected policy contributions.