President Tinubu

Author: Gist Correspondent

President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design the next phase of structural reforms in Nigeria’s petroleum sector.

The development was disclosed in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, who will coordinate the group’s work and ensure the timely delivery of its mandate.

Other members of the task force include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.  Mofoluwasho Fadayomi will serve as secretary of the task force.

The Presidency said the body would function as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints to consolidate ongoing reforms and unlock investment opportunities in the petroleum sector.

The initiative, according to the statement, reflects the administration’s commitment to transforming Nigeria’s oil and gas industry into a competitive, transparent and value-maximising sector capable of driving long-term economic growth.

It added that the task force would operate primarily as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors and civil society organisations in consultative roles.

The task force will report directly to the President and is expected to submit monthly progress reports.

An interim report is expected within three months of inauguration, while the final report will be delivered within six months.

President Tinubu has mandated the group to produce three key reform blueprints aimed at strengthening Nigeria’s petroleum industry.

The first deliverable is an implementation toolkit for immediate structural reforms, including proposed legislative amendments, executive instruments and institutional restructuring measures.

The second deliverable is a capital and liquidity acceleration blueprint designed to unlock between $5 billion and $10 billion in sectoral investment while safeguarding Nigeria’s sovereign interests.

The third component is a National Energy Transformation Strategy that will provide a ten-year roadmap for the sector, including measurable targets for production levels, foreign exchange earnings and contributions to gross domestic product.

The President has directed all ministries, departments and agencies, as well as relevant regulatory institutions, to provide full technical support to the task force.

They are also required to submit inventories of ongoing initiatives in the petroleum sector to ensure alignment with the new reform framework.

Tinubu further ordered that existing committees and working groups established under previous reform programmes should align their activities and reporting structures with the newly created task force.

According to the Presidency, the measure is intended to prevent duplication of responsibilities and improve coordination across the sector.

All relevant documentation, institutional knowledge and ongoing workstreams are also to be made available to the task force to facilitate its assignment.

The statement noted that the task force represents a strategic presidential instrument to accelerate petroleum sector reforms and strengthen governance structures in the industry.

It added that the group would automatically dissolve after submitting and securing approval for its final report.