Obsolete Regulatory Framework Bane Of Petroleum Sector – Speaker

The Speaker of the House of Representatives, Dr Tajudeen Abbas, has blamed the inability of the country to reap full potential of the nation’s petroleum sector on inefficiency and obsolete regulatory framework.

He made the remark in Abuja while addressing members of
all petroleum-related committees of the House during a workshop on legislative measures for realizing the mandate of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

According to him, the petroleum sector has long been the backbone of Nigeria’s economy, adding that the enactment of the Petroleum Industry Act (PIA) 2021 marked a crucial milestone by introducing reforms that have reshaped the governance, operations, and transparency of the industry.

“Central to this transformation is the NUPRC, which was established to regulate the upstream petroleum sector. Its mandate, as outlined in Section 94 of the PIA, includes 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.

“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,” he stated.

Oduyemi Odumade, Edited By Grace Namiji