Mr Idahosa stressed that the lower chamber performs most legislative duties.
The association stated that full deregulation would help make the petroleum sector more stable.
Monthly payment of about N250 billion to subsidise fuel consumption meant an additional N1.5 trillion expenditure in the 2022 budget.
The three per cent equity share for host communities is not listed in this request even as stakeholders in the region continue to clamour for a change.
Femi Gbajabiamila, the Speaker of the House of Representatives, has threatened to name and shame corrupt federal agencies.
Vice President Yemi Osinbajo says the Petroleum Industry Act (PIA) and the government’s gas initiatives will help transform Nigeria into a gas-based industrialised nation.
The federal government will hold an equity stake in trust for states and local government areas in the proposed NNPC Ltd. in the Petroleum Industry Act (PIA).
The PDP has advised President Muhammadu Buhari to immediately forward an amendment bill to the new Petroleum Industry Act to the National Assembly.
OPEC said Buhari’s signing of the PIB into law marks a significant milestone for Nigeria’s oil industry.
Mr Buhari assented to the bill on Friday after he returned from his medical vacation in London.
