The federal government has formally disbanded the Department of Peteroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund in implementation of the recently signed Petroleum Industry Act.
The Minister of State for Petroleum Resources, Timipre Sylva, said this on Monday during the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.
“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.
“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.
“The law also provides for the staff and the jobs in those agencies to be protected. But I’m sure that that [law] doesn’t cover, unfortunately, the chief executives, who were on political appointments.”
“The authority has its staff coming from the defunct PEF, PPPRA and DPR. The commission has staff coming over from DPR and the process is going on for the next few weeks.
“The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.
“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly,” the minister added.