The Federal Executive has approved a new National Oil Policy for the country BusinessDay learnt. The policy was approved following a presentation by the Minister of Petroleum, Emmanuel Ibe Kachikwu at the Council’s meeting ongoing at the State House Abuja.
Officials say the policy is expected to bring orderliness to the management of petroleum resources in the country. It will also be market driven and will guide further legislations that will strengthen the operations of the oil sector.
The cabinet meeting presided over by Acting President Yemi Osinbajo has the document as its main topic of discussion today, officials privy to the workings of the FEC meeting told Businessdayon Wednesday
morning.
This comes a month after a National Gas Policy was approved by Council to drive changes in policy that will make gas a hub of the nation’s economy.
The gas policy document, built on the policy goals of the Federal Government for the gas sector as presented in the 7 Big Wins initiative (www.7Bigwins.com) was developed by the Ministry of Petroleum Resources and the National Economic Recovery & Growth Plan (ERGP 2017-
2020).
Details after the meeting …..
Elizabeth Archibong
