The House of Representatives Committee on Petroleum Resources Downstream has offered an insight into the ongoing effort to amend the Petroleum Industry Act (PIA).\n<\/p>\n
The chairman of the committee, Hon. Ikenga Ugochinyere, on Friday explained that the initiative was aimed at further strengthening the downstream oil sector of the economy.\n<\/p>\n
Ugochinyere, while noting that the PIA, since its passage in 2021, has helped in expected transformation in the sector, said that the lawmakers plan to amend specific sections to further strengthen the downstream sector.\n<\/p>\n
He said, \u201cThe House of Representatives Committee on Downstream which reintroduced the bill to amend specific sections of the Petroleum Industry Act (PIA) in order to strengthen the downstream sector.\n<\/p>\n
\u201cFollowing 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.<\/p>\n
\u201cThe committee is currently fine-tuning the proposed amendments, which are aimed at enhancing sector performance, empowering the regulator, and improving revenue generation.\n<\/p>\n
\u201cDuring 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.\n<\/p>\n
\u201cThese 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.\n<\/p>\n
\u201cWithout these changes, the committee warned, the sector risks becoming further weakened, thereby undermining Nigeria\u2019s broader energy stability and economic growth goals.\u201d\n<\/p>\n
This Act provides a legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry and the development of host communities.<\/p>\n","protected":false},"excerpt":{"rendered":"The House of Representatives Committee on Petroleum Resources Downstream has offered an insight into the ongoing effort to…\n","protected":false},"author":2,"featured_media":291458,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,108425,108426,16,15],"class_list":{"0":"post-291457","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-petroleum-industry-act","11":"tag-pia","12":"tag-uk","13":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114915736615700271","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/291457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=291457"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/291457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/291458"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=291457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=291457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=291457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}