The federal government says it has removed three oil sector agencies as required under the new petroleum law.
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.
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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