Connect with us

News

Inefficient Systems, Outdated Regulations Stifle Petroleum Sector Growth – Speaker Abbas

Published

on

….as lawmakers deliberate on Petroleum sector regulations
By Gloria Ikibah
The Speaker of the House of Representatives has said the petroleum sector has always been impeded by inefficiencies and outdated regulatory frameworks.
Speaker Abbas stated this at a one-Day retreat on “Legislative Measures Towards the Realisation of the Mandate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for members of the House Committees Gas Resources, Petroleum Resources (Downstream, Upstream and Midstream) on Monday in Abuja.
Naijablitznews.com reports that this critical workshop is aimed at enhancing lawmakers’ understanding of the petroleum sector and equipping them with the necessary legislative tools to support the NUPRC.
The workshop 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.
According to Abbas, this initiative is part of efforts to ensure effective oversight and accountability in the sector.
He said the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the nation’s GDP and serves as the primary source of foreign exchange earnings.
Abbas stated that 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 there is a need for continued support for the NUPRC and other stakeholders in achieving the full benefits of these reforms for all Nigerians.
He said: 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 However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.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”.
Soeaker Abbas noted that it is all important to fully utilise all oversight tools at our disposal, including inspections, public hearings, investigations, and interpellations. Effective engagement between legislative committees and the NUPRC is critical to avoiding unnecessary conflicts or repetitive invitations.
“By fostering open communication and mutual understanding, we can create a more productive working relationship.
To this end, I urge the committees to adopt a strategic approach that prioritises constructive dialogue and aligns legislative priorities with the operational realities of the NUPRC. Regular updates, joint assessments, and targeted inquiries can streamline oversight processes and improve outcomes”, he added.
Naijablitznews.com reports that the NUPRC was established to regulate the upstream petroleum sector, plays a critical role in ensuring transparency, accountability, and sustainable resource management.
The workshop is expected to foster a more productive working relationship between legislative committees and the NUPRC, ultimately ensuring that the upstream petroleum sector serves the interests of all Nigerians, promotes sustainable practices, and remains globally competitive.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Gov Adeleke Speaks On Death Sentence For Chicken Thief

Published

on

Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

Advertisement

“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

Continue Reading

News

Delta Assembly pardons two suspended members

Published

on

The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

Advertisement

“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

Advertisement
Continue Reading

News

Heavy Security Presence at National Assembly as President Tinubu Presents 2025 Budget

Published

on

 

 

By Gloria Ikibah

Ahead of President Bola Ahmed Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the Senate and House of Representatives at 12 noon today, there is tight security at the National Assembly Complex in Abuja.

Advertisement

As early as 6.00 a.m., operatives of the Department of State Security (DSS) and other security agencies, including the Police, Civil Defence, Federal Road Safety Corps, and Sergeant-at-Arms, were stationed at the gates and within the premises to ensure order and safety during the event. 

Naijablitznews.com reports that staff of the National Assembly were directed to stay home, except those required for the event, who were instructed to report before 8.00 a.m., according to a memo issued by the Director of Human Resources and Staff Development. 

Senators and House members were seen arriving at the Green Chamber, where the joint session is scheduled to take place. On Tuesday, during a closed-door plenary, the House of Representatives followed the tradition of moving a motion to allow non-members into the chamber for the session. 

Naijablitznews.com recalled that the Federal Executive Council (FEC) approved an estimated expenditure of N47.96 trillion for the 2025 fiscal year during its meeting on Monday. 

Advertisement

Meanwhile, business activities within the National Assembly complex, including banking and food services, have been suspended following directives from the Assembly’s management. Only those on an approved list, including staff, media personnel, and members of the press corps, are allowed access after identification at the gate. 

 

The joint session will be presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News