By Ibiyemi Mathew
The Policy Advisory Council of President Bola Ahmed Tinubu has advised the President to employ tested individuals to lead the Nigerian National Petroleum Company Limited (NNPCL).
The Policy Advisory Council members who comprise of Austin Avuru; Olu Verheijen; AbdulRasaq Isa; Bashir Bello; Ifeanyi Ajuluchukwu; Doyin Akinyanju; Tinuade Sande; Ahmad Zakari; George Etomi; Nasiru Wada; Mohammed Abbas; and Segun Lawson submitted the report dated May 2023.
The council recommended that the President should head-hunt competent, tested, reform-focused leaders in NNPCL and ensure the company discharges its function as a commercial entity as stipulated in the Petroleum Industry Act (PIA).
The council also advised that NNPC should also be strengthened and placed in a position where it would be paying taxes, royalties and profits to the Federation Account and properly regulated by NUPRC, NMDPRA and NCDMB.
According to the submissions from the Energy and Natural Resources sub-committees of the advisory council, Tinubu’s administration should consolidate the regulatory agencies by merging the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB) under a single regulator.
They proposed that the government should work towards achieving some milestones within the first 100 days ending August 2023.
Interestingly, the council also counselled the Tinubu’s administration to re-organise NUPRC and NMDPRA to deliver set milestone goals and headhunt and place capable resources in critical positions in the oil and gas sector.
It urged the president to strip NNPCL of policy-making roles and keep NCDMB within its mandate as prescribed by the Local Content Act.
The advisory council also called for the expansion of domestic gas reserves and the promotion of the development of a diversified oil and gas industry by implementing reforms in the PIA, including the National Gas Transportation Network Code (NGTNC).
While proposing the development of a sustainable financing model to facilitate boost oil and gas development projects, the council stressed the need for the government to facilitate a third-party gas pricing framework for the export market.