PIA at 5: Akpabio Demands Results, Accountability From Oil Sector Stakeholders
The President of the Senate, Godswill Akpabio, has challenged stakeholders in Nigeria’s petroleum industry to translate the Petroleum Industry Act (PIA) into measurable economic gains, five years after its enactment.
Akpabio said the success of the landmark legislation must be judged by tangible results rather than promises.
He gave the charge at a stakeholders’ engagement programme on the implementation of the PIA held at the Transcorp Hilton, Abuja recently
According to him, the passage of legislation is only the beginning of the responsibility to deliver its intended objectives.
“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” Akpabio declared.
The Senate President commended NNPCL, Neo Mundo Limited and other organisers of the engagement, describing it as an important opportunity to evaluate implementation, consolidate achievements and develop practical strategies.
He identified regulatory efficiency, investor confidence, the commercial performance of the national oil company, petroleum production, energy infrastructure and host-community development as critical indicators for assessing the legislation.
Akpabio said implementation challenges must be addressed through evidence-based assessments and institutional responsibility, not rhetoric or blame-shifting, according to a statement by EmemMaria Offiong, Head, Information, Press and Public Relations at the Office of the President of the Senate
“Cooperation must never become an excuse for avoiding accountability,” he cautioned.
Reaffirming the commitment of the 10th National Assembly to effective oversight, he stressed that the responsibility of the legislature does not end with the passage of a bill or presidential assent.
He explained that while some challenges may require legislative intervention, others demand regulatory improvements, administrative efficiency and stronger coordination among relevant institutions.
Akpabio warned that Nigeria cannot afford to squander the opportunities in its petroleum resources, noting that investment uncertainty, crude oil theft and avoidable regulatory delays continue to impose huge costs on national development.
He called for a petroleum industry characterised by firm and predictable regulation, responsible and profitable investment, institutional accountability and protection of national interests.
The Senate President also urged stakeholders to respond to developments in the global energy landscape by improving competitiveness, unlocking Nigeria’s natural gas potential and strengthening domestic energy security.
On host communities, Akpabio insisted that the benefits of the PIA must extend beyond statutory provisions and corporate balance sheets to meaningful improvements in the lives of the people.
“The true wealth of a nation is measured not merely by the crude oil it exports or the revenue it earns, but by the opportunities it creates, the industries it builds, the jobs it generates and the dignity it brings to its people,” he stated.
Akpabio charged regulators, operators and host-community representatives to use the engagement to identify operational constraints and produce practical recommendations with clearly assigned responsibilities and realistic timelines.
He said the outcome should go beyond a communique to establish a credible framework for sustained collaboration and oversight.
The Senate President reaffirmed the National Assembly’s commitment to supporting the economic reform agenda of President Bola Ahmed Tinubu, stressing that legislative support must be complemented by rigorous oversight to deliver sustainable national benefits.
