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Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022

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Midstream and Downstream Gas Infrastructure Fund Regulations 
Under Section 52 
Petroleum Industry Act (2021). 
 
 
DRAFT DATE: 10/06/2022 
 
General 
 
1.  The objective of these regulations is to set out the general rules for the administration of 
the Midstream and Downstream Gas Infrastructure Fund pursuant to section 52 of the 
Petroleum Industry Act (the “Act”).  
 
2.  The Authority may, in addition to these general rules, issue guidelines from time to time 
on the administration of the Fund pursuant to these Regulations. 
 
 
 
 The Midstream and Downstream Gas Infrastructure Fund (The Fund) 
 
 
3(1) The Fund shall comprise of all monies provided for in section 52(7) of the Act, which 
shall be paid directly into the “Midstream and Downstream Gas Infrastructure Fund Account” 
(the Fund Account) established by the Accountant General of the Federation in the Central 
Bank of Nigeria. 
 
 (2) The monies in the Fund Account shall be subject to appropriation by the National 
Assembly for use by the Fund and shall be managed by the Council of the Fund. 
 
 
 Administration of the Fund 
 
4(1) The Fund shall be administered by the Council in accordance with these regulations and 
the rules made from time to time by the Council. 
 
  (2) The Council shall be responsible for determining the yearly budget of the Fund. 
 
Functions and duties of the Council 
 
5  The Council of the Fund shall have the following functions – 
 
(a) 
Invest and supervise the management of such investments; 
 
(b) 
Establish and approve policies and procedures for the proper management 
and administration of the Fund; 
 
(c) 
Co-ordinate and ensure accountability of all monies accruing to the Fund; 
 
(d) 
Establish criteria, policies and procedures for the investment of the Fund; 
 
(e) 
Monitor the performance of investment by the Fund. 
(f)   
Maintain separate records for each source of funding listed under section 
52(7) of the Act.