House Committee Resolves to Seek PIA Amendments to Strengthen Downstream Sector

Adedayo Akinwale in Abuja 

The House of Representatives Committee on Petroleum Resources Downstream has resolved to seek Petroleum Industry Act (PIA) amendments to strengthen the downstream sector.

The Chairman of the committee, Hon. Ikenga Ugochinyere, in a statement issued yesterday said the PIA since its passage in 2021 has helped in expected transformation in the sector.

He added that lawmakers plan to amend specific Sections in order to further strengthen the downstream sector.

Ugochinyere noted, “The House of Representatives Committee on Downstream reintroduced the bill to amend specific sections of the Petroleum Industry Act (PIA) in order to strengthen the downstream sector. 

“Following 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.

“The committee is currently fine-tuning the proposed amendments, which are aimed at enhancing sector performance, empowering the regulator, and improving revenue generation. 

“During 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.

“These 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. 

“Without these changes, the committee warned, the sector risks becoming further weakened, thereby undermining Nigeria’s broader energy stability and economic growth goals.”