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General News of Tuesday, 19 October 2021

Source: www.legit.ng

FG scraps top agencies in the petroleum sector

Minister of State for Petroleum Resources, Chief Timipre Sylva Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government have finally announced the scrapping of some agencies following the passage of the Petroleum Industry Act.

This was announced by the Minister of State for Petroleum Resources, Chief Timipre Sylva, while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja, the Ministry of Petroleum Resources, Nigeria disclosed.

The agencies are:

Department of Petroleum Resources (DPR), Petroleum Equalization Fund (Management Board) and Petroleum Product Pricing Regulatory Commission (PPPRC).

He said:

“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”

With this, the government said their chief executives had been relieved of their various appointments.

Meanwhile, the FG added that workers of the three agencies would be protected.

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