Tinubu Inaugurates New Task Force To Drive Petroleum Sector Reforms

President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and implement 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 serve as a high-level executive working group charged with developing practical reform strategies aimed at strengthening Nigeria’s petroleum industry and boosting its attractiveness to global investors.

The President appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of FATE Foundation, as chairman of the task force.

As chairman, Adeola will coordinate the activities of the group and ensure the timely execution 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.

Onanuga explained that the task force is a time-bound, high-level technical body tasked with producing execution-ready reform blueprints.

According to him, the group will focus on consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a leading destination for global energy investment.

He noted that the body will function as a technical reform team rather than a representative committee.

The task force is expected to consult widely with industry operators, regulators, investors and civil society organisations while concentrating on actionable policy design and implementation strategies.

The presidential aide stated that the President expects the group to deliver three major reform frameworks.

The first deliverable is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and proposals for institutional restructuring within the petroleum sector.

The second is the Capital and Liquidity Acceleration Blueprint, designed to unlock between $5bn and $10bn in sectoral liquidity while protecting Nigeria’s sovereign interests.

The third deliverable is a National Energy Transformation Strategy, which will provide a ten-year roadmap with measurable targets covering production levels, foreign exchange earnings, contribution to Gross Domestic Product, and cost competitiveness.

According to the statement, the task force will report directly to the President and provide monthly progress memoranda on its activities.

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

President Tinubu has directed all Ministries, Departments and Agencies, regulators and other relevant institutions to provide full technical support to the task force.

He also instructed them to submit inventories of ongoing initiatives in the sector to ensure proper alignment with the new reform framework.

The President further directed that all existing committees, teams and working groups established under various reform initiatives within the petroleum sector align their activities, reporting structures and work programmes with the newly established task force.

In addition, he ordered that all relevant documentation, institutional knowledge and ongoing workstreams be made available to the body to aid the development and implementation of a comprehensive reform framework.

The statement added that the task force will automatically dissolve after the submission and acceptance of its final report by the President.