President Muhammadu Buhari has sought amendments to the newly signed Petroleum Industry Act, including removal of the Ministry of Petroleum Resources and Ministry of Finance, Budget and National Planning from the boards of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

While reading the cover letter attached to an executive bill presented at the opening of plenary, Senate President, Ahmed Lawan said the proposals include the appointment of non-executive board members; removal of the ministries from the boards of the two institutions; and appointment of executive directors to the boards.

Buhari is seeking the senators’ approval to increase the numbers of the non-executive board members of each of the regulatory agencies from two to six, in order to capture the six geopolitical zones.

The new amendments proposed by the President did not address the concerns of the South-South stakeholders to increase the equity share to five per cent.