In a bid to ensure the successful execution of the Petroleum Industry Act (PIA), the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has announced plans to develop a comprehensive roadmap outlining the lawmakers’ role in the implementation process. This declaration was made at the opening of a 2-day retreat for members of the House of Representatives on Economic Transformation & Development, held in Abuja.
The PIA, hailed as a significant milestone in Nigeria’s oil and gas sector reform, has the potential to unlock vast economic opportunities and guide the country towards a more prosperous and sustainable future. However, its effective implementation poses a significant challenge. To address this, the retreat aimed to provide a platform for lawmakers to strategize and develop a clear plan of action.
As custodians of the people’s will, the National Assembly, particularly the House of Representatives, plays a vital role in ensuring the successful execution of the PIA. The retreat sought to achieve a multi-pronged outcome, including:
– A deeper understanding of the PIA and its impact on the oil and gas sector and national development goals
– A clear roadmap for the House’s role in implementing and overseeing the PIA
– Identification of areas for potential policy adjustments, capacity-building initiatives, and robust regulatory frameworks
– Building strong partnerships between the legislature, executive, regulatory agencies, industry stakeholders, and civil society organizations
In addition, the Deputy Speaker emphasized the need for effective oversight of government tax policies to ensure their successful implementation, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda for Nigeria. By taking these steps, the lawmakers aim to transform the retreat into a springboard for action, building a more robust and equitable tax system, strengthening public financial management, and laying the groundwork for a thriving digital economy.
With this roadmap, the House of Representatives is poised to play a critical role in unlocking the full potential of the PIA, driving economic transformation, and ensuring a brighter future for all Nigerians.
LV