Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has inaugurated a technical committee to review the Petroleum Industry Act (PIA) 2021 and its implications on statutory responsibilities of the ministry.
Essentially, the technical committee, headed by the Director, Legal Services of the ministry, Muhammed Alhassan, will review the PIA 2021 and its implication on Oil and Gas Export Permit being issued to exporters by Commodity Export Department (CED).
“It will suggest ways to remedy the infractions on the responsibilities of the ministry if any; and prepare relevant letters to President Muhammadu Buhari and the National Assembly,” he said.
He explained that some of the ministry’s roles as they related to the administration of Pre-shipment inspection and the NESS had hitherto been under the Ministry of Finance, and are now under the new commission under the Act.
He stressed that 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.
“Therefore, I task you all to make far-reaching recommendations that will help sustain and stabilize our operations,” he said.
The committee which comprises directors in the ministry has two weeks within which it is to submit its report. (NAN)