The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has emphasized the importance of understanding the petroleum sector, particularly the functions of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Abbas believes that a more profound understanding of the sector will create more benefits for Nigeria’s economy.
Abbas made this call at a retreat on Legislative Measures Towards the Realisation of the Mandate of the NUPRC at the National Assembly, Abuja. The retreat aimed to enhance the understanding of the petroleum sector and equip the House with the necessary legislative tools to support the NUPRC in achieving its mandate.
The Speaker noted that the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the country’s 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 However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.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 historic turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry.
Abbas emphasized that effective oversight is crucial in ensuring accountability within the oil and gas sector. He encouraged members to develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders. The Speaker also stressed the importance of open communication and mutual understanding between legislative committees and the NUPRC.
Abbas concluded by urging the committees to adopt a strategic approach that prioritizes constructive dialogue and aligns legislative priorities with the operational realities of the NUPRC. He encouraged all members to view oversight as a collective responsibility integral to good governance, ensuring that the upstream petroleum sector serves the interests of all Nigerians, promotes sustainable practices, and remains globally competitive.
B. Andrew
LV