Abass: Legislative Reforms ‘ll Transform Petroleum Industry
Blessing Ibunge in Port Harcourt
Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, said the National Assembly is committed to deploying effective legislative reforms to strengthen the operations, create competitive business-friendly environment, institutionalise transparency and sustainable development in the oil and gas industry.
Abbas made the assertion in his remark at end of a three-day retreat of the joint House Committees on Downstream and Midstream, in Port Harcourt, Rivers State.
The Speaker, who was represented by Leader of the North-west Caucus in the House, Hon. Sada Soli, noted that the National Assembly has already commenced the processes of legislative reforms that will enhance holistic governance overhaul with a view to transforming the nation’s major economic driver and revenue earner in line with the provisions of the Petroleum Industry Act (PIA).
Abbas said that the federal lawmakers were dedicated to fostering an environment to effectively drive the objectives of the Renewed Hope agenda of President Bola Ahmed Tinubu, in promoting the key indices of ease of doing business while providing stakeholders the level playing field to participate in the sector.
He said:”The theme of this retreat speaks volume on the commitment of the 10th House towards repositioning the energy sector of our economy. Our nation’s economic power is derived and dependent on oil.
Over the years, the debate over the regulation, transparency and sustainable development of the sector has dominated discussions even after the passage and coming into force of the Petroleum Industry Act in the 9th Assembly.
“This retreat is, therefore, an opportunity to reflect on the issues once again, and make recommendations to the House on the best approaches to promote transparency and sustainable development in the sector”.
Chairmen of the House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream), Hon Ikeagwuonu Michael Ugochinyere (PDP Ideato North/Ideato South Federal Constituency, Imo State); and Hon Prince Henry Odianosen Okojie (Esan North East/Esan South East Federal Constituency, Edo State), made the affirmation on the national assembly commitment to transforming the petroleum industry.
Ugochinyere stated that the retreat was pivotal in changing the narratives, and provides stakeholders with robust platform to deliberate on burning issues while exploring strategic solutions for the betterment of the industry.
The leader of the G-60 lawmakers further said: “As we commence this retreat, I wish to emphasise the significance of our gathering. The petroleum sector remains the backbone of Nigeria’s economy, and it is incumbent upon us to ensure its efficiency, transparency and sustainability. Our discussions over the next few days will be instrumental in shaping the future of this vital industry.
“We are privileged to have an array of distinguished speakers and experts who will share their insights on various aspects of the petroleum industry, from understanding objectives and significance of the Petroleum Industry Act (PIA), to exploring the roles and responsibilities of the newly established regulatory bodies.
“Our ongoing forensic legislative investigation into the anomalies within the oil and gas sector is crucial for restoring trust and ensuring integrity in our industry. We are addressing allegations concerning the importation of substandard petroleum products, non-availability of crude oil supply to domestic refineries and other critical issues that threaten the stability and security of our petroleum sector.”
He thanked Governor Siminalayi Fubara for the peaceful environment during the three days engagement in the state.
Ugochinyere said the state is peaceful because of the good leadership and responsible governance approach adopted by Fubara, who “has remained focused on the ball, while facilitating the ease of doing business and creating the right policies to enable investments to thrive in the State”.
On his part, Hon Okojie, said: “We gather here in the dynamic city of Port Harcourt, under the theme; ‘Enhancing Regulatory Frameworks, Promoting Transparency, and Fostering Sustainable Development in Nigeria’s Oil and Gas Sector.’ This retreat is a critical convergence of minds and efforts aimed at addressing the pressing issues and exploring the immense opportunities within our sector”.
Okojie said that deliberations from the retreat will positively impact the oil and gas industry, especially in providing clearer understanding of the Petroleum Industry Act (PIA) governance and institutional frameworks to promote growth and sustainability in the sector.
Represented by member representing Brass/Nembe Federal Constituency of Bayelsa State, Hon Marie Ebikake, Okojie said: “This engagement is crucial for understanding the challenges faced by our industry, and collaboratively devising solutions that promote growth and sustainability.”
