Speaker of the House of Representatives, Tajudeen Abbas, has urged members to ensure that the petroleum sector serves the interests of all Nigerians.

Mr Abbas made the call on Monday at the opening of a day retreat organised for members of all committees on petroleum in the house.

Mr Abbas said that the petroleum sector had long been the backbone of Nigeria’s economy, contributing substantially to the gross domestic product.

According to him, the sector also serves as the country’s primary source of foreign exchange earnings.

The speaker said that inefficiencies and outdated regulatory frameworks had often hindered the sector’s potential.

He said that enacting the Petroleum Industry Act (PIA) in 2021 marked a historic turning point, as it introduced reforms that had redefined the oil and gas sector’s governance, operations and transparency.

Mr Abbas said the reforms include clearer delineation of roles, streamlined licensing procedures, enhanced environmental safeguards and a renewed emphasis on attracting investments.

He said that central to the reforms was the transformation of NUPRC, which was established to regulate the upstream petroleum sector.

The speaker further stated that the National Assembly had played a critical role in driving the reforms, from legislative enactments to oversight, ensuring the sector’s sustainability and effectiveness.

Mr Abbas said that the technical complexity of the extractive industry, information asymmetry and the ever-evolving nature of the sector could limit the ability of parliamentarians to perform their duties effectively.

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

The speaker said the retreat was designed to deepen understanding of NUPRC’s operations, the legal framework governing its activities, and the petroleum industry’s broader dynamics.

He, therefore, urged the committees to adopt a strategic approach that would prioritise constructive dialogue and align legislative priorities with the operational realities of NUPRC.

Deputy chairman of the House Committee on Petroleum Resources, Upstream, Sesi Whinghan (APC-Lagos), said the interaction offered them an opportunity to deepen understanding of PIA and its provisions as well as the responsibilities of NUPRC and ways of strengthening the oversight mechanism.

(NAN)