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From Ndubuisi Orji, Abuja
Speaker of the House of Representatives, Tajudeen Abbas, has said the parliament must ensure that the petroleum sector serves the interest of all Nigerians.
Abbas stated this while declaring open a workshop for members of the petroleum related committee in the House in Abuja, yesterday.
He noted that though the petroleum sector has been the mainstay of the country’s economy, the potential in the sector has been hampered by outdated regulatory framework.
He stated that the enactment of the Petroleum Industry Act (PIA) 2021, introduced reforms that have redefined the governance and operations of the oil and gas industry.
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According to him, one of the innovations by the PIA was the establishment of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) saddled with the mandate of ensuring transparency, accountability and sustainable resource management.
“However, challenges remain, including the need for further infrastructural development, capacity building, and the full implementation of the PIA’s provisions.The National Assembly has played a critical role in driving these reforms from legislative enactments to oversight, ensuring the sector’s sustainability and effectiveness.
“It is our responsibility to continue supporting the NUPRC and other stakeholders in achieving the full benefits of these reforms for all Nigerians.
“Legislative oversight is a cornerstone of democracy and good governance. The Petroleum Industry Act underscores the importance of parliamentary scrutiny in ensuring accountability within the oil and gas sector. It provides a robust framework for oversight, empowering the National Assembly to monitor the operations of regulatory agencies like the NUPRC.
“Together, we must ensure that the upstream petroleum sector serves the interests of all Nigerians, promotes sustainable practices, and remains globally competitive.”
