“As a Committee, our agenda is targeted at introducing key amendments to the Petroleum Industry Act, to ensure stronger provisions for clean energy transition.”
The National Assembly (NASS) has said it will repeal the Petroleum Industry Act (PIA) and Nigeria Extractive Industries Transparency Initiative (NEITI) to ensure stronger provisions to ensure clean energy transition and cleanse the oil and gas sector.
These revelations were made on Thursday, 25 January 2024 when the National Assembly joint Committees on Petroleum Mid Stream, Petroleum Upstream, Petroleum Down Stream and the House of Representatives Committee on Solid Minerals met with the Global Leadership of Extractive Industries Transparency Initiative (EITI) in Abuja.
According to the co-chair of the joint Committees, Rep. Ikenga UgoChinyere (PDP, Imo), “As a Committee, our agenda is targeted at introducing key amendments to the Petroleum Industry Act, to ensure stronger provisions for clean energy transition. We are also focused on reviewing the NEITI Act, to grant NEITI statutory powers to implement the findings of their investigation, and possibly execute the recommendations of their Report.
“We are also considering granting NEITI powers to prosecute those found to be in breach of extant laws; strengthening the governance structure of NEITI; placing more emphasis on crucial disclosure requirements of EITI especially as it relates to contract transparency and beneficial ownership; independent funding for NEITI; timely review and action on reports by the National Assembly, among others.”
The lawmaker also emphasised the Committee’s readiness to recover public funds that have been diverted or unremitted adding that it would be necessary to grant NEITI statutory powers to prosecute defaulters that breach extant laws.
“We are also working with sister Petroleum/Oil and Gas Committees to ascertain those who operate in the extractive industries in Nigeria, to deepen transparency and public oversight of the industries through the House. We also seek to pursue the recovery of public funds that were either mismanaged, wasted, or yet to be remitted from the extractive industries. It is also our desire to ensure that there is accountability on the part of state-owned extractive industries, to ensure that greater value and revenue is derived from the sector for the good of the nation, and to foster a sustainable energy transition.
“As part of ways to ensure the success of our legislative Agenda, we have secured the partnership, support, and commitment of over 70 fellow lawmakers as co-sponsors for our critical bills which seek to review some provisions of the NEITI Act, which I believe will help to fully realize the objective of NEITI, expand and achieve the desired transparency in the extractive industry.”
Speaking earlier, the Senate chairman on Petroleum Upstream Sen. Etteng Williams representing Cross River Central Senatorial District (APC) applauded NEITI for their openness, transparency, and their willingness to work with the parliamentarians which have never been seen in the National Assembly.
“Your documents are very important to us. We are particular about how Nigeria can move forward. “We must leave a legacy and we can not do it alone, we need to work in partnership with you.
” Here, we work like a team. In the National Assembly, we work like one National Assembly, especially in the oil and gas industry. We are particular about how Nigeria will move forward.
“We need to work and ensure that Nigeria and Nigerians are better off than what we met. And we need to leave a legacy and we can not do that alone. We have to partner to see how our industry and Nigerians will celebrate in the next few months to come.”
On his part, the Deputy Director of the Extractive Industry Transparency Initiative, Mr Bady Badde, applauded Nigeria’s achievements in the extractive industry adding that the mission was pleased to meet with the lawmakers, despite their recess.
“For this mission, we were attached by an international board, led by its chair. Helen Clark, who mandated us to travel to Nigeria to covey the outcome of the last validation which is the quality assurance, as applies to all member countries, to verify the extent to which they are agreeing to the commitment of EITI principles and requirements in terms of transparency. And also stakeholders’ participation in dialogue to help foster and improve the governance of the sector.” Mr Badde said.
The Executive Secretary of the NEITI, Mr. Orji Ogbonnaya Orji, said that the agency has conducted a lot of investigations with findings and recommendations without implementation.
He said that ” Reports are just documents except they are implemented”
You can get more information through OrderPaper’s initiative in the extractive industry: RemTrack, your Extractive-cum-Energy Transition Hub, designed by OrderPaper Nigeria for citizens’ engagement on the dynamics of Energy Transition, Climate Change, and the Extractive sectors.
