By Christiana Ekpa
The Speaker of the House of Representatives on Monday said that the petroleum sector has often been hindered by inefficiencies and outdated regulatory frameworks.
Abbas stated this at a critical workshop aimed at enhancing lawmakers’ understanding of the petroleum sector and equipping them with the necessary legislative tools to support the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
The workshop, attended by key stakeholders, was designed to deepen the understanding of the NUPRC’s operations, the legal framework governing its activities, and the broader dynamics of the petroleum industry. This initiative is part of efforts to ensure effective oversight and accountability in the sector.
Speaking further, Abbas said that the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the country’s GDP and serving as the primary source of foreign exchange earnings.
According to him, the National Assembly has played a critical role in driving these reforms, from legislative enactments to oversight, ensuring the sector’s sustainability and effectiveness, adding that they is a need for continued support for the NUPRC and other stakeholders in achieving the full benefits of these reforms for all Nigerians.
He also explained that legislative oversight is a cornerstone of democracy and good governance, adding that the Petroleum Industry Act underscores the importance of parliamentary scrutiny in ensuring accountability within the oil and gas sector.
“The petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to our GDP and serving as the primary source of foreign exchange earnings. However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.
“The enactment of the Petroleum Industry Act (PIA) 2021 marked a significant turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry
“It provides a robust framework for oversight, empowering the National Assembly to monitor the operations of regulatory agencies like the NUPRC.
“The enactment of the Petroleum Industry Act (PIA) 2021 marked a significant turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry.
“Central to this transformation is the NUPRC, which was established to regulate the upstream petroleum sector. Its 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.
“However, effective oversight is not without challenges. The technical complexity of the extractive industry, information asymmetry, and the ever-evolving nature of the sector can limit the ability of parliamentarians to perform their duties effectively.
“To overcome these obstacles, members must develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders.”
