Barring any last minute changes, President Muhammadu Buhari through a letter to the Senate President, Ahmed Lawan, has appointed the heads of the two regulatory agencies that were created following the implementation of the Petroleum Industry Act.

The letter from the President is expected to be read on the floor of the Senate today.

The Act which was signed into law last month by the President saw the creation of a new Nigerian Upstream Regulatory Commission, that will assume most of the upstream regulatory functions of the Department of Petroleum Resources, thereby becoming a key regulator.

The PIA also provides for the establishment of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to oversee the regulation of the midstream and downstream petroleum operations in the country.

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