The Speaker of the House of Representatives, Hon. Tajudeen Abbas has lamented that the technical complexity of the petroleum sector was hindering lawmakers’ oversight function.
To overcome these obstacles, Abbas said members must develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders.
The Speaker made this known on Monday in Abuja at a workshop for members of petroleum-related committees.
The workshop was aimed at enhancing their understanding of the petroleum sector and equipping lawmakers with the necessary legislative tools to support the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in achieving its mandate.
Abbas noted that by enhancing their knowledge, they would be better equipped to provide effective oversight and hold the commission accountable for delivering on its mandate.
The Speaker stressed that the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the GDP and serving as the primary source of foreign exchange earnings.
However, he was of the opinion that its potential has often been hindered by inefficiencies and outdated regulatory frameworks.
The Speaker stressed that the National Assembly has played a critical role in driving these reforms, from legislative enactments to oversight, ensuring the sector’s sustainability and effectiveness.
Abbas stated: “The Petroleum Industry Act underscores the importance of parliamentary scrutiny in ensuring accountability within the oil and gas sector.
“It provides a robust framework for oversight, empowering the National Assembly to monitor the operations of regulatory agencies like the NUPRC.
“However, effective oversight is not without challenges. The technical complexity of the extractive industry, information asymmetry, and the ever-evolving nature of the sector can limit the ability of parliamentarians to perform their duties effectively.
“To overcome these obstacles, members must develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders.”
