President Muhammadu Buhari has approved a steering committee to oversee the process of the newly signed Petroleum Industry Act (PIA).

The development was disclosed in a statement issued on Wednesday by the Special Adviser to the President on Media and Publicity, Femi Adesina.

According to the statement, the steering committee is headed by Timipre Sylva, Minister of State, Petroleum Resources.

Other members are: Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

Adesina revealed that the primary responsibility of the approved committee would be to ensure the effective and timely implementation of the PIA which was signed into law on Monday.

Adesina noted that the committee has been given a 12 months duration for the assignment, stating that periodic updates will be given by the president.