Tinubu approves presidential taskforce for petroleum sector reforms
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The announcement was contained in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on March 13, 2026.
According to the statement, the Taskforce will be chaired by Fola Adeola, who will coordinate its activities and ensure the timely execution of its mandate.
Other members of the Taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.
The Taskforce, described as a time-bound, high-level executive working group, is expected to produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a global energy investment destination.
The presidency said the initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent and value-driven sector capable of supporting long-term economic growth, macroeconomic resilience and industrial development.
The body will operate as a technical reform group rather than a representative committee and will engage industry operators, regulators, investors and civil society as consultees while focusing on actionable policy design and implementation strategies.
It will report directly to the President and submit monthly progress memoranda. An interim report is expected after three months, while the final report will be submitted within six months of its inauguration.
According to the presidency, the Taskforce is expected to deliver three key reform blueprints. One of them is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and institutional restructuring proposals.
The second blueprint is the Capital and Liquidity Acceleration Blueprint aimed at unlocking between five and ten billion dollars in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third deliverable will focus on a National Energy Transformation Strategy, a ten-year roadmap with measurable targets for production levels, foreign exchange earnings, contribution to gross domestic product and cost competitiveness.
President Tinubu has directed all ministries, departments and agencies, as well as regulators and other relevant institutions, to provide full technical support to the Taskforce and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
He also instructed all existing committees, teams and working groups involved in petroleum sector reforms to align their activities and reporting structures with the new Taskforce.
The presidency said the directive is intended to streamline operations, prevent duplication of responsibilities and ensure better coordination of reform efforts across the petroleum sector.
All relevant documentation, institutional knowledge and ongoing workstreams are also to be made available to the Taskforce to support the development and implementation of its reform framework.
The presidency added that the Taskforce will automatically dissolve after submitting its final report and completing its assignment.
