Ndudi Elumelu, minority leader of the house of representatives, says the Petroleum Industry Act (PIA) contains “robust legal instruments” that can transform the oil industry in the country.
Elumelu said the minority caucus in the lower chamber will
intensify its legislative duties to ensure greater accountability and
transparency in the oil sector.
In a statement issued on Saturday by Tony Ayaegbunam, senior
legislative aide to the minority leader, Elumelu stated this at the end of the
Offshore Technology Conference (OTC) 2021, in Houston, United States, on
Friday.
On Monday, President Muhammadu Buhari signed into law the
much-anticipated PIB.
Before the president’s assent, the bill was also a subject
of controversy, especially during passage in both chambers of the national
assembly.
Some opposition lawmakers and major some stakeholders from
the oil-producing communities had argued that the percentage earmarked for the
communities is not enough, owing to the negative impact of oil exploration in
those communities.
But Elumelu said despite its shortcomings, the PIA can
enhance the petroleum industry if the law is effectively implemented.
He said the minority caucus will “intensify its legislative roles to ensure
greater accountability in the sector, particularly in the context of the
recently enacted Petroleum Industry Law (PIL)”.
According to Elumelu, despite its certain shortcomings,
which require further amendments, the “PIL presents robust legal instruments
that can guarantee enhanced operations in the midstream and downstream sectors
of the industry, if effectively implemented and monitored”.
He said “the OTC, as a capacity building forum, afforded us
the opportunity to meet and interact with professionals, industry leaders,
policy makers and investment partners on global best practices for greater
productivity and transparency in the energy sector.
“The Minority caucus will be leveraging on the gains of the
conference to further deepen our efforts towards expanding the productivity in
the sector with emphasis on opportunities in local refining as well as
investments in by-product and associated markets so as to achieved our full
capacity in the industry,” he said.
The lawmaker said such effort will cover opportunities
missed by Nigeria in pipelines, refining, petrochemicals, crude and product
tankers, local distribution as well as other offshore and onshore energy
ventures.
He added that it will expand the country’s national revenue
inflow and will create employment and investment opportunities for economic
recovery.
Elumelu said the minority caucus will commence critical
legislative processes including possible amendment to the PIA when the house
resumes sitting.
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