The House of Representatives Committee on Petroleum Resources (Downstream) has resolved to propose an amendment to Petroleum Industry Act ( PIA) to strengthen the downstream sector.
Chairman of the Committee, Ikeagwuonu Ugochinyere, in a statement, on Friday, said the panel, at a recent meeting, identified weaknesses in the Act and resolved to propose an amendment.
Ugochinyere noted that the PIA since its enactment in 2021, has helped in the transformation of the petroleum sector. He explained that the proposed amendments would further strengthen the downstream sector.
According to him, “the House of Representatives Committee on Downstream which reintroduced the bill to amend specific sections of the Petroleum Industry Act (PIA) is in order to strengthen the downstream sector.”
Following a recent committee meeting, the committee resolved to initiate amendments after identifying key areas of conflict, institutional weaknesses, and regulatory gaps that have hindered effective downstream operations and consolidation.
“The committee is currently fine-tuning the proposed amendments, which are aimed at enhancing sector performance, empowering the regulator, and improving revenue generation.”
He added that “during the meeting, members unanimously agreed to sponsor the relevant legislative changes and are now seeking the support of colleagues from other sectors of the industry to ensure broad-based backing.
“These amendments will be publicly unveiled during their first reading in the coming weeks, and will mark a significant step toward addressing the deep-rooted challenges currently facing the downstream sector.
“Without these changes”, the committee warned, “the sector risks becoming further weakened, thereby undermining Nigeria’s broader energy stability and economic growth goals.”
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