House of Reps urges NNPC to boost oil production post-PIA

The House of Representatives has called on the Nigerian National Petroleum Company Limited (NNPC Ltd) to showcase the effects of the Petroleum Industry Act (PIA) five years after its enactment. Speaker Tajudeen Abbas (Rep, Zaria), represented by House Majority Leader Julius Ihonvbere (Rep, Owan East/Owan West), stated that the success of the PIA should be assessed not only through institutional restructuring but also by tangible improvements such as increased crude oil production, enhanced investment, and greater economic benefits for Nigerians.

Abbas emphasized the importance of effective implementation, transparency, and accountability in realizing the law's objectives. He also identified challenges such as crude oil theft, pipeline vandalism, and inadequate infrastructure as significant obstacles to the industry.

The retreat, organized by NNPC Ltd in collaboration with the Office of the Speaker, aimed to evaluate NNPC Ltd's transformation under the PIA and foster better engagement between the legislature and industry stakeholders. Doyin Adelabu, CEO of 3 Streams Synergy Limited, highlighted the need for practical recommendations to achieve the legislation's intended benefits.