New investment benchmarks will transform NNPCL-House of Reps ... Reiterates PIA has potential to impact Nigeria positively






In its efforts  to ensure maximum output and smooth operation in the oil sector, the House of Representatives caucus pledged to support  President Bola Tinubu-led administration to achieve a seamless implementation of fuel subsidy removal and other aspects of the Petroleum Industry Act 2021.

According to House of Reps caucus consisting of over 50 members drawn from across the country, the Petroleum Industry Act 2021 is the most audacious attempt to overhaul the petroleum sector, once bedevilled by controversies and uncertainties. 

Hon. Seso Ikpagher (Benue APC) who disclosed  this ,described the PIA as the best thing to happen to Nigeria’s oil sector and one of the numerous reforms birthed by the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Engr. Mele Kyari.


He, however, lamented that the implementation of the law and operationalisation of its objectives remains a cause for serious concerns. 

If properly effected, Ikpagher noted that the PIA has the potential to impact Nigerians positively, facilitating economic development by attracting and creating investment opportunities for local and international investors.

While admitting that the expected gains of the Petroleum Industry Act have not been fully actualised, he expressed optimism that with Kyari, Nigerians can be hopeful.

To this end, he said the House of Reps has resolved to give the NNPCL boss all the necessary support to succeed. 

Meanwhile, Hon. Iyawe Esosa (Edo, LP) described Kyari as the game-changer in the oil and gas sector not just in Nigeria but the continent. 

Esosa said the NNPCL GCEO came at a turbulent period characterised by low production, burgeoning vandalisation of oil pipelines, oil theft on a grand scale, and demoralised staff of the company.

However, just a little over three years later, he said the story is different.  

“The signing of the PIA by former President Muhammadu Buhari was perhaps the biggest breakthrough for Kyari as it opened the door for more significant changes in the national oil giant,” he said.

“We can’t forget how he worked for the passage of the PIA. Today, we have a new, refreshed, and rejuvenated NNPC. He has gone a step further to initiate new investment benchmarks to further rejuvenate the once-ineffective company.


“Nigeria’s oil and gas industry is now on a transformative path, unlocking opportunities for growth and prosperity in the sector. The end of the fraudulent subsidy regime was another milestone. 

“Under the leadership of Kyari, the company has taken significant steps towards enhancing transparency and accountability in the industry. One of the ways he has done this is by publishing monthly financial and operational reports.

“For Kyari, it is about the country. And together with other distinguished colleagues, we have vowed to support him in breaking new grounds and achieving more”.

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