Petroleum Downstream: Reps mull amendment of PIA Act 

From Ndubuisi Orji, Abuja

The House of Representatives  Committee on Petroleum (Resources Downstream) has resolved  to propose an amendment to Petroleum  Industry Act ( PIA) to strengthen the  downstream sector.

The chairman of the Committee, Ikeagwuonu Ugochinyere, in a statement, on Friday, said the panel  at a recent meeting identified weaknesses in the Act and resolved to propose an amendment.

Ugochinyere noted that the PIA since its enactment in  2021 has helped in the   transformation of  the petroleum  sector. He explained that the proposed amendments would further strengthen the downstream sector.

According to him, “the House of Representatives Committee on Downstream which reintroduce the bill to amend specific sections of the Petroleum Industry Act (PIA) in order to strengthen the downstream sector.

” Following a recent committee meeting, the committee resolved to initiate amendments after identifying key areas of conflict, institutional weaknesses, and regulatory gaps that have hindered effective downstream operations and consolidation.

“The committee is currently fine-tuning the proposed amendments, which are aimed at enhancing sector performance, empowering the regulator, and improving revenue generation.”

He added that  “during the meeting, members unanimously agreed to sponsor the relevant legislative changes and are now seeking the support of colleagues from other sectors of the industry to ensure broad-based backing.

“These amendments will be publicly unveiled during their first reading in the coming weeks, and will mark a significant step toward addressing the deep-rooted challenges currently facing the downstream sector.

“Without these changes, the committee warned, the sector risks becoming further weakened, thereby undermining Nigeria’s broader energy stability and economic growth goals.”