The Senate at its plenary session of Wednesday, 29 September 2021, passed for second reading the Petroleum Industry Act (Amendment) Bill, 2021 which seeks to amend the Administrative Structure of the Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Leading the debate on the Bill, the Senate Majority Leader, Sen. Abdullahi Yahaya (APC: Kebbi) stated that the provisions for amendment deals with the Appointment of Non-Executive Board Members; Removal of the Ministries of Petroleum and Finance from the Board of the two Institutions; and Appointment of Executive Directors, as contained in sections 11, 34, and 41 of the Petroleum Industry Act, 2021.
Sen. Abdullahi in his submission informed lawmakers that the Bill, if passed, will increase the Board Membership of the Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and allow for balanced geopolitical representation, participation and inclusion in the decision-making process of the oil industry.
It would be recalled that President Muhammadu Buhari in a letter dated 16 September 2021, had informed the Senate of his decision to transmit the proposed Bill for consideration and passage. The Bill which was unanimously adopted by lawmakers was referred to the Committees of Petroleum Upstream, Petroleum Downstream and Gas for further legislative action.