Trade Minister inaugurates Technical Committee to review Petroleum Act

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4 years ago

NIyi Adebayo

The Minister of Industry, Trade and Investment, Otunba Adebayo on Monday inaugurated a technical committee to carry out a review of the Petroleum Industry Act 2021 and its implications on the statutory responsibilities of the ministry.

Speaking while inaugurating the Committee, Adebayo tasked the Committee to “review the Petroleum Industry Act (PIA) 2021 and its implication on the Oil and Gas Export Permit being issued to exporters by CED;

“Review the Petroleum Industry Act (PIA) 2021 in relation to the Weights and Measures ACT, and its implication on the Department.

“Highlight the implication of the ACT on the roles of CED and Weights and Measures Departments under the Nigerian Export Supervision Scheme(NESS).

“Suggest an appropriate strategy to use in bringing the NESS scheme to FMITI since the scheme is about exports, which is a core mandate of the Ministry.

“Suggest ways to remedy the infractions on the responsibilities of the Ministry, if any; and prepare relevant letters to Mr President and the National Assembly”.

The Minister who noted that the Act tampered significantly with some statutory roles of the ministry, said “As a Ministry, some of our roles as they relate to the administration of the Pre-shipment inspection and the Nigerian Export Supervision Scheme (NESS) had hitherto been under the Ministry of Finance, and are now under the new commission under the Petroleum Industry Act.”

According to a statement from Ifedayo Sayo, Adebayo stressed the need by the ministry to leverage on the window provided by the review of the Act to enable it to play a more significant role under the scheme in line with its mandate.

“Therefore, your Technical committee is expected to take a professional look at the document, come up with strategies that will help redress the identified issues.

“There is a sense of urgency in the execution of your assignment so that we can seek the amendment of the infractions on the statutory functions of the Ministry, especially through a request to relevant institutions of government.

“It is important to state that your assignment is critical to the continuity of some of our roles as a Ministry. I am confident in the quality of members chosen to undertake this assignment, therefore I task you all to make far-reaching recommendations that will help sustain and stabilize our operations,” he said.

The technical committee headed by the director, Legal Services of the ministry, Muhammed Danjuma Alhassan and other directors in the ministry.

Again, the Committee has two weeks within which it is to submit its report.

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