The Nigerian Senate has received a proposed amendment to the Administrative Structure of the Petroleum industry Act 2021 from President Muhammadu Buhari for it’s Consideration and approval.
The proposed amendment was communicated through a letter addressed to the President of the Senate , Ahmed Lawan and read on the floor of the parliament .
The amendment intends to change the appointment of two non executive Board members to accommodate more members in line with the principle of a balanced geopolitical representation of the country.
President Buhari believes this change will provide a sense of participation and inclusion in every section of the country in the decision making of strategic institutions in the oil industry.
This proposal will also increase the membership of the board from nine to thirteen which represents a 44% expansion.
It will also remove the ministries of Petroleum and Finance from the Board of the two institutions as well as exempt serving public officers from the established confirmation process for political appointments.
Mr President believes these amendments will lay sound administrative structures governed by simple operational laws that will ensure a smooth take off and growth of the two institutions.