Technical complexity of petroleum industry limiting lawmakers oversight functions – Abbas

The Speaker of the House of Representatives, Tajudeen Abbas has lamented that the technical complexity of the extractive industry and the ever-evolving nature of the sector are limiting the ability of parliamentarians to perform their duties effectively.

He added that to overcome these obstacles, members must develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders.

Abbas stated this on Monday in Abuja at a workshop for members of petroleum-related committees of the House.

He said the workshop was aimed at enhancing our understanding of the petroleum sector and equipping lawmakers with the necessary legislative tools to support the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in achieving its mandate.

He said the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the GDP and serving as the primary source of foreign exchange earnings.

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However, the Speaker stressed that its potential has often been hindered by inefficiencies and outdated regulatory frameworks.

The Speaker pointed out that 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.

He explained that these reforms include clearer delineation of roles, streamlined licensing procedures, enhanced environmental safeguards, and a renewed emphasis on attracting investments.

Abbas said central to this transformation is the NUPRC, which was established to regulate the upstream petroleum sector.

He noted that its mandates, as outlined in Section 94 of the PIA, include ensuring transparency, accountability, and sustainable resource management.

The Speaker stressed 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.

Abbas said: “The Petroleum Industry Act underscores the importance of parliamentary scrutiny in ensuring accountability within the oil and gas sector.

“It provides a robust framework for oversight, empowering the National Assembly to monitor the operations of regulatory agencies like the NUPRC.

“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.”