President Muhammadu Buhari has written to the National Assembly, requesting an Amendment to the Petroleum Industry Act.
In a letter to the National Assembly, read on the floor of the Senate by the President of the Senate, Ahmed Lawan, the President sought to among others, remove the Ministers of Petroleum Resources and Finance from the boards of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The President said the two Ministers can continue to perform their functions without necessarily being members of the boards of the regulatory agencies.
He said the proposed amendment will increase the membership of each board from 9 to 13 members, representing 44 percent expansion of the board size.
It will also strengthen the institutions and guarantee national spread as well as achieve the expected policy contributions.
Mr President said the amendment became important to help in the full actualisation of the act.
It would be recalled that President Buhari had few weeks ago signed the bill into law amid controversies over the 3% host communities fund and the 30% exploration funds.
Stakeholders in the Niger have kicked against the act, describing it as an ambush. They vowed to continue their opposition until grey areas are addressed.