Stakeholders in the Nigerian petroleum sector have charted a clearer roadmap for enhancing legislative oversight in the upstream.
At a one-day workshop held on Monday, December 1, in Abuja, themed ‘Legislative–Stakeholders Synergy for a Transparent and Accountable Upstream Petroleum Sector’, stakeholders highlighted ways to ensure transparency and accountability in the Nigerian petroleum sector.
It was convened by the Fiscal Responsibility Commission (FRC) in collaboration with the House of Representatives Committee on Petroleum Resources (Upstream).
The workshop, which was facilitated by OrderPaper, a foremost independent Nigerian parliamentary monitoring organisation and policy think tank, brought together stakeholders from the FRC, lawmakers, and other relevant legislative committees.
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Others represented at the workshop were the Nigeria Extractive Industries Transparency Initiative (NEITI), the Federal Ministry of Petroleum Resources, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), oil and gas industry operators, Academia, civil society organisations and transparency advocates, and the media.
Aimed for collaboration and synergy
The event was aimed, among others, at evaluating the role of the legislature in enforcing compliance and enhancing sectoral transparency as well as ensuring accountability and equitable distribution of oil revenues, identifying gaps and proposing solutions in existing laws for better governance.
According to the organisers, the workshop was convened to develop a clearer roadmap for enhancing legislative oversight in Nigeria’s upstream oil sector and to recommend ways to strengthen the transparency and accountability mechanisms.
It was also convened to put forward measures for increased and sustainable engagement between legislators, industry players, and host communities on governance issues, among others.
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In a welcome address, the FRC executive chairman noted the sector’s continued challenges, including security issues and oil theft, pointing to the Petroleum Industry Act (2021), among other recent reforms, as the game changer.
He urged stakeholders, especially those in the anti-corruption family, media and civil society, to engage actively toward building a more transparent and accountable petroleum sector for the country.
Stakeholders present stressed the need for innovation, data-driven decision-making, and strong collaborative partnerships across regulators, operators, host communities, and oversight institutions.
Resolutions reached and adopted
In a draft communique presented at the end of the one-day legislative workshop, the stakeholders observed that despite ongoing reforms, significant gaps remain in transparency and data consistency across the upstream petroleum value chain.
They adopted some resolutions which include that the National Assembly speed up the amendment of the FRA 2007 to include sanctions, as it will improve the nation’s independent revenue.
The stakeholders urged the FRC, NUPRC and Nigeria Extractive Industries Transparency Initiative (NEITI) to support digitalisation initiatives to improve data accuracy and reduce revenue leakages.
They called on the NUPRC and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to fully implement the PIA 2021 to resolve investment challenges, improve operational efficiency, and ensure clear governance roles.
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They urged focus on sustainable development by integrating resource replenishment, environmental management, and stakeholder communication into sector practices.
“NEITI, NUPRC should focus on legal clarity, competitiveness, and best practices to make the sector globally competitive and efficient.
“The Federal Government should review outdated fiscal regulations to align them with emerging realities in the upstream sector first with policies before the laws,” they adopted.
The stakeholders urged the civil society organisations (CSOs) to continue to play an active role in monitoring sector governance and promoting public accountability.
They called on the National Assembly to increase oversight of the implementation of the PIA, while NEITI should review the status of implementation of contract transparency, beneficial ownership, and the host community development trust (HCDT).
The stakeholders called on the NUPRC to ensure that its operating expenses (OPEX) are published in an accessible online portal so that host communities will know their entitlements.
“Stakeholders expressed appreciation to the Fiscal Responsibility Commission, House Committee and OrderPaper for convening this important workshop, and to all facilitators, resource persons, and stakeholders for their contributions to the discussions,” the communique added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
