The Federal Government has approved a new policy on oil administration in the country.
The approval is sequel to a memo presented to the Federal Executive Council (FEC), by the Minister of State, Petroleum, Ibe Kachikwu, Premium Times reports.
Mr. Kachikwu said the approval was given at the FEC meeting of Wednesday chaired by the acting president, Yemi Osinbajo. Briefing State House correspondents at the end of the meeting, Mr. Kachikwu said his ministry had already began implementing some of the policy. This part implementation includes the drive to end the importation of fuel in 2019 as well as the cash calls changes which will enable the sector to fund itself through incremental volumes.
The minister also said the new policy captured the reorganisation in the NNPC for efficiency and to enable accountability, changes to the mode of crude sales and also how to tackle the issues in the Niger Delta. “It is a very comprehensive 100-page document that deals with all the spectrum in the industry,” he said. Mr. Kachikwu noted that the last oil policy was in 2007.