President Muhammadu Buhari has approved a committee to immediately commence the implementation of the Petroleum Industry Act, Njenje Media News reports.
The steering committee, which has 12 months duration for the assignment, is headed by the Minister of State for Petroleum Resources, Timipre Sylva.
President Buhari gave the approval on Wednesday while giving a remark on the Act which he assented to two days ago.
He spoke during a meeting with the leadership of the National Assembly led by the President of the Senate, Ahmed Lawan, at the Presidential Villa in Abuja.
The President hinted that relevant ministries, departments, agencies have been tasked to work with Sylva towards the successful completion of the implementation process.
He decried that the lack of political will has hampered the growth of the industry, adding that the country has lost about $50 billion in the last 10 years.
President Buhari is however, hopeful that the new Act will coordinate the activities of the Nigerian National Petroleum Corporation (NNPC) and reposition it for further progress.