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    Home»Business Matters»Nigerian government dissolves DPR, PPPRA, PEF as new oil agencies takes over

    Nigerian government dissolves DPR, PPPRA, PEF as new oil agencies takes over

    Business Matters By Temitope N.Oct 21, 2021No Comments1 Min Read
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    The federal government says it has removed three oil sector agencies as required under the new petroleum law.

    FGN
    FGN

    Under the Petroleum Industry Act, enacted in August, the Department of Petroleum Resources (DPR), the Petroleum Products Pricing Regulatory Agency (PPPRA), and the Petroleum Equalisation Fund (PEF) no longer exist.

    They are actively replaced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NPRA, and the Nigerian Upstream Regulatory Commission, NURC.

     

    The Minister of State for Petroleum Resources, Timipre Sylva, confirmed the new departments have taken off on Monday, as he inaugurated their boards in Abuja.

     

    He said the staff of the scraped agencies will be retained while new chief executives will take charge, Punch reported Tuesday.

    See also  Oyo Workers to receive April, May 2017 Salaries from the 2nd Tranche of Paris Club Fund

     

    President Muhammadu Buhari in September nominated the chairpersons, members and commissioners of the new agencies. The nominees were approved by the Senate on October 6.

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    DPR Federal Government Oil Petroleum Products Pricing Regulatory Agency (PPPRA)
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