The Senate Committee on Downstream Petroleum has resolved to enhance transparency, regulatory compliance, and safety within Nigeria’s oil and gas sector under the framework of the Petroleum Industry Act (PIA).
This decision followed a four-day retreat held in Port Harcourt with key stakeholders during the Senate recess. The retreat focused on tackling critical issues such as revenue leakages in the Nigerian National Petroleum Company Limited (NNPCL), overlapping roles among regulatory agencies, underperforming state refineries, and rising safety risks in product transportation.
Speaking at a committee meeting in Abuja, the Chairman of the Committee, Senator Sumaila Kawu, outlined a comprehensive action plan aimed at addressing these challenges. He emphasized the need to promote fiscal transparency, reform existing regulations, upgrade infrastructure and safety standards, ensure environmental justice, and reinforce legislative oversight across the sector.
Kawu noted that the committee’s renewed efforts would ensure full implementation of the PIA and foster accountability in downstream petroleum operations, thereby improving investor confidence and public trust in Nigeria’s oil and gas industry.
