UPDATED: Buhari Seeks Amendment Of Recently Signed Petroleum Industry Act

Barely five weeks after signing the Petroleum Industry Bill (PIB) into law, President Muhammadu Buhari has written to the Senate seeking amendment of the Act.

The Senate President, Ahmad Lawan, read Buhari’s letter on the floor of the upper legislative chamber on Tuesday.

The president wants the Senate to amend the Act so as to remove the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation (NNPC).

Buhari also wants non-executive members of the NNPC board to be increased from two to six.

He said in the letter: “Having carefully reviewed the administrative structure of both the Commission and the Authority, I would like to propose the following amendments:

A. Appointment of Non-Executive Board Members

B. Removal of the Ministries of Petroleum and Finance from the Board of the two institutions

C. Appointment of Executive Directors.’’

The president said his request for addition of four non-executive members for the board was necessary for balanced geopolitical representation of the country.

“I, therefore, pray for the intervention of the 9th Assembly to correct this oversight in the interest of our national unity,” he added.

Buhari noted that the proposed amendment would increase the total membership of the board from nine to 13, “and strengthen the institutions and guarantee national spread, and also achieve the expected policy contributions.’’

He also noted that the Ministries of Petroleum and Finance already supervise and can continue to perform such roles without being in the board.