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Inefficient Systems, Outdated Regulations Stifle Petroleum Sector Growth – Speaker Abbas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The Speaker of the House of Representatives has said the petroleum sector has always been impeded by inefficiencies and outdated regulatory frameworks.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 However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.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.

News

Adeboye advised me to pay my wife full salary after resigning from her banking job-Bakare

Published

on

By

Popular man of God Pastor Tunde Bakare has narrated how RCCG Senior Pastor Eunuch Adeboye advised him to pay his wife full salary after she quit her job.

Hear him:

“ Pastor Adeboye told me to be paying the full salary of my wife when she resigned from her bank job without telling me”.

“ When my wife told me she had resigned, I drove to my father-in -law’s house to report her but he told me that nothing concerns him with our marriage.

Advertisement

“I then drove straight to Redemption Camp to report her to Pastor Adeboye. I told him how my wife just resigned from her bank job without telling me and that I just started my chambers and we were just making it little by little and her salary would help us augment whatever I gave her.

“Pastor Adeboye’s response shocked me. He said, “ Wow,she did that on her own! Don’t u think that’s a great thing to do? She did it to focus attention on your child. If all women would do that Nigeria would be a better place. He then told me that apart from house allowance, I must be paying her the salary she earned at the bank since she resigned to start working in my house and taking care of the children.”

“I wasn’t happy with the counsel because I was scared of how I would cope as the sole breadwinner of the house. The Holy Spirit then took me to Isaiah 54:5 and showed me a Scripture I will never forget,” I,the Lord your God,your maker, I am your husband. The Holy Spirit then said if I am your husband, treat your wife the way you want me to treat you! “

“I was sober and I prayed.The next month instead of giving her 375 Naira, her salary in the bank, I gave her 500 Naira and I also gave another 500 Naira for house allowance. It has grown since then!”

Advertisement

* Culled from his autobiography, the last but definitely not the least*

Continue Reading

News

SAD! One casualty, six injured as bus collides with truck on Ikorodu road

Published

on

By

A terrible road crash at Majidun, inward Ogolonto, Ikorodu Road, has left one woman dead and six others grievously injured, the authorities have confirmed.

The Lagos State Traffic Management Authority (LASTMA) revealed that the accident involved a Volkswagen commercial bus, registration number EPE 494 XM, and a stationary tipper truck.

In a statement signed by the Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, said that Preliminary investigations indicate that the bus, chartered to ferry passengers to a programme in Ogijo, suffered a sudden brake failure while reportedly speeding recklessly.

However, the driver lost control, slamming violently into the tipper truck parked at the roadside for diesel.

Advertisement

The violent collision claimed the life of an adult female passenger instantly.

Five women and one man sustained severe injuries and were rushed to Benic Special Hospital for emergency treatment. The deceased was taken to General Hospital, Ikorodu, for formal documentation.

The statement read, “The brutal impact resulted in the instantaneous death of an adult female passenger, while five female occupants and one male sustained severe and life-threatening injuries. While all 5 injured casualties were rushed to nearby Benic Special Hospital, the remains of the deceased were immediately transferred into the custody of security personnel who conveyed them to the General Hospital, Ikorodu, for urgent formal documentation.

“In a swift and highly coordinated response, LASTMA operatives pursued and apprehended the tipper truck driver who attempted to abscond upon witnessing the enormity of the tragedy. The driver of the commercial bus was likewise arrested. Both individuals were thereafter handed over to officers of the Ipakodo Police Division for comprehensive investigation.

Advertisement

“To re-establish order and ensure seamless vehicular movement toward Ikorodu Garage, LASTMA personnel efficiently removed the mangled remains of both vehicles from the roadway.

“The General Manager of LASTMA, Mr. Olalekan Bakare-Oki, conveyed profound grief over the harrowing incident and extended his heartfelt condolences to the bereaved family.

According to the statement, “He prayed that Almighty God grants them the fortitude to endure the irreplaceable loss, and he wished the injured victims a swift and full recovery.

“Mr. Bakare-Oki further admonished motorists to exercise utmost restraint, vigilance, and discipline on the highways by avoiding excessive speed.

Advertisement

“He stressed that overspeeding drastically impairs a driver’s capacity to respond to sudden mechanical failures or unforeseen hazards, thereby magnifying the risk of catastrophic outcomes.

“Bakare-Oki reaffirmed LASTMA’s resolute commitment to the protection of lives and the promotion of safer motoring culture across Lagos State.

Continue Reading

News

2027: Despite Ex-President Jonathan’s unusual silence, supporters storm PDP convention with posters(Photos)

Published

on

By

Despite Ex-President Goodluck Jonathan’s unusual silence towards his 2027 presidential aspiration, many Peoples Democratic Party members who support former President Goodluck Jonathan’s political comeback were seen at the party’s current elective convention in Ibadan, the capital of Oyo State.

With Bala Mohammed, the governor of Bauchi State, projected as Goodluck Jonathan’s running mate, the supporters were seen raising flags.

According to an online newspaper there has been conjecture on Jonathan’s potential return to run for president in 2027.

Despite the former president’s silence on the subject, his allies attested to his purported preparedness to run in the much awaited election.

Advertisement

On Friday, posters of Oyo State Governor Seyi Makinde were seen at the convention site.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News