Speaker of House of Representatives, Rep. Tajudeen Abbas, has urged members to ensure that the petroleum sector serves the interests of all Nigerians.
By EricJames Ochigbo
Speaker of House of Representatives, Rep. Tajudeen Abbas, has urged members to ensure that the petroleum sector serves the interests of all Nigerians.
Abbas made the call on Monday at the opening of a day retreat organised for members of all committees on petroleum in the house.
The News Agency of Nigeria (NAN) reports that the theme of retreat was: “Legislative Measures Towards the Realisation of the Mandate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
Abbas said that the petroleum sector had long been the backbone of Nigeria’s economy, as it contributed substantially to the gross domestic product (GDP).
According to him, the sector also serves as the primary source of foreign exchange earnings for the country.
The speaker said that the potential of the sector had often been hindered by inefficiencies and outdated regulatory frameworks.
He said that the enactment of Petroleum Industry Act (PIA) in 2021 marked a historic turning point, as it introduced reforms that had redefined the governance, operations and transparency of the oil and gas sector.
Abbas said that the reforms include: clearer delineation of roles, streamlined licensing procedures, enhanced environmental safeguards and a renewed emphasis on attracting investments.
He said that central to the reforms was the transformation of NUPRC, which was established to regulate the upstream petroleum sector.
“It’s mandates, as outlined in Section 94 of the PIA, include ensuring transparency, accountability and sustainable resource management.
“Some immediate gains include: improved regulatory clarity, increased investor confidence and a structured approach to addressing environmental and community issues.
“However, challenges remain, including the need for further infrastructural development, capacity building and the full implementation of the PIA’s provisions,” he said.
The speaker further stated that the National Assembly had played a critical role in driving the reforms, from legislative enactments to oversight, ensuring that the sector’s sustainability and effectiveness.
“I encourage all members to view oversight not as a solitary task but as a collective responsibility integral to good governance.
“Together, we must ensure that the upstream petroleum sector serves the interests of all Nigerians, promotes sustainable practices and remains globally competitive,” he said.
Abbas said that the technical complexity of the extractive industry, information asymmetry and the ever-evolving nature of the sector could limit the ability of parliamentarians to perform their duties effectively.
To overcome the obstacles, he said that members must develop technical expertise, engage in continuous learning and foster collaborative relationships with stakeholders.
The speaker said that the retreat was designed to deepen understanding of NUPRC’s operations, the legal framework governing its activities and the broader dynamics of the petroleum industry.
He, therefore, urged the committees to adopt a strategic approach that would prioritise constructive dialogue and align legislative priorities with the operational realities of NUPRC.
Deputy Chairman of the House Committee on Petroleum Resources, Upstream, Sesi Whinghan (APC-Lagos), said that the interaction offered them an opportunity to deepen understanding of PIA and its provisions as well as the responsibilities of NUPRC and ways of strengthening oversight mechanism.
“Our mandate as custodians of public interest is not only to oversee the implementation of the PIA, but also to work collaboratively with stakeholders to ensure that the act translates into tangible benefits for the nation,” he said.
The Deputy Director, Regulatory and Statutory Compliance in NUPRC, Mr Kingston Chikwemdu, commended the house for organising the retreat.
He said that the retreat would foster collaboration, understanding and legislation that would enable NUPRC function better. (NAN)
