Takes charge of ministry

President Muhammadu Buhari has dissolved the Board of the Nigerian National Petroleum Corporation, NNPC with immediate effect.
The announcement was made in a terse statement issued by the Director Communications, Office of Head of Civil Service of the Federation, Alhaji Haruna Imrana, on behalf of the HoS, Mr. Danladi Kifasi.
“The directive to that effect was conveyed in a letter signed Friday by the Head of the Civil Service of the Federation, Danladi Kifasi.
In the letter the President thanked members of the dissolved board for their services to the nation,” he said.
Meanwhile, President Muhammadu Buhari is to take charge of Oil Ministry as he is said to be disposed to appoint a Minister to supervise the ministry.
As part of efforts to reform the oil sector and move towards transparency, sources said the President would combine his office with the duties of the Petroleum Resources Ministry, where he is expected to personally oversee major reforms in the sector, as part of his announced economic policy agenda.
the decision followed meetings with the International Chair of the global Extractive Industries Transparency Initiative, EITI, Clare Short, who underscored the importance of integrating the revised EITI principles and standards in his economic policy agenda as obtainable in resource rich countries of the developed world.
In meetings in Abuja with Vice-President Yemi Osinbajo and other administration officials, the EITI chair explained that international development stakeholders have endorsed Buhari’s declared commitment to good governance, transparency and accountability, which are consistent with the principles professed by the EITI.
Buhari had reportedly listed the implementation of the findings and recommendations of the local EITI chapter; the Nigerian Extractive Industry Transparency Initiative, NEITI’s audit reports on operations within Nigeria’s extractive sector as a priority for his administration in his first 100 days in office.
EITI principles emphasise public disclosures of information by owners of oil and mining licenses through regular audits of their operations on oil production figures, revenue sharing arrangement between tiers of governments as well as the open process of contract awards in the oil, gas and mining industry.
Among the much anticipated reforms, President Buhari is looking at scrapping the subsidy.
In addition, he is weighing a divestment and privatisation of the NNPC that would the state-owned company and one of the world’s biggest oil companies by output to operate at a profit; to disclose revenue and to be more transparent and accountable to government.
Currently, the NNPC regulates itself. President Buhari is also considering making the Oil ministry a directorate subordinate to an energy ministry that would be also responsible for mining and electricity, and placed under the direct supervision of the presidency.
The idea is to create closer collaboration among bureaucrats working on similar issues.
The “new” oil minister, assuming there will still be one, would mostly be ceremonial; play an oil-diplomacy role, attending OPEC meetings, while the President would immerse himself in the operations and take a more aggressive military posture against oil bunkering and pipelines vandalism.

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