The House of Representatives states that the enactment of the Petroleum Industry Act (PIA 2021) has yielded remarkable results, with over $16 billion in investment commitments and significant improvements in oil production.

DBenjamin Kalu, the parliament’s deputy speaker, said this on Monday in Abuja at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria. The forum was organised by the Midstream and Downstream Petroleum Regulatory Authority.

Mr Kalu stated that, based on available data, Nigeria generated N50.88 trillion in revenue from crude oil and gas exports in 2024 and is projected to earn more by the end of 2025. He said that in just two years since its enactment, the impact of the PIA 2021 was undeniable.

He highlighted the National Assembly’s role in further strengthening the PIA.

“The National Assembly’s pivotal role in enacting and tirelessly overseeing this transformative legislation has yielded remarkable results: more than $16 billion Post-PIA investment commitments, significant improvements in oil production, robust revenue generation, and improved regulatory compliance landscape.

“The statistical evidence overwhelmingly supports the PIA’s success: from a truly astounding 28,991 per cent increase in investment to achieving 1.69 million barrels per day in oil production and generating N50.88 trillion in revenue,’’ Mr Kalu said.

He said the path forward demanded sustained engagement from the National Assembly, which meant enhanced oversight, carefully targeted legislation to address the security challenges, and unwavering support for regulatory agencies.

He said by diligently building on the robust foundation laid by the PIA, Nigeria could not only achieve its goal of becoming a leading global petroleum producer but also ensure sustainable development for the host communities and the broader Nigerian economy.

“Before the PIA, we operated under a fragmented regulatory structure, a table of overlapping mandates that hindered efficiency and accountability. The PIA swept this away, creating two distinct, powerful regulatory bodies: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA. This clear delineation of roles has been a game-changer.

“According to NEITI audits, our baseline compliance rate in 2015 stood at 94 per cent. While seemingly high, it masked underlying inefficiencies and vulnerabilities,” stated the deputy speaker.

Mr Kalu added, “Post-PIA implementation, we have seen a tangible enhancement in regulatory effectiveness. The NUPRC alone generated an astounding N4.344 trillion in revenue during 2023, representing a 14.89 per cent increase compared to 2022 figures. This is not just about collection. It’s about a more efficient and transparent system at work.”

Furthermore, he noted that the impact of the PIA on sector growth was vividly evident in Nigeria’s oil production recovery and its subsequent contribution to the national economy.

(NAN)