The President of the Senate, Ahmad Lawan, has called on the Presidential Steering Committee on Petroleum Industry Act (PIA) to expedite action on implementation of provisions of the Act.
Lawan made the call on Tuesday during plenary, in his address to the lawmakers on resumption from their annual summer recess.
President Muhammadu Buhari had on Aug. 18, approved a nine-member steering committee to ensure the implementation of the PIA.
Addressing his colleagues, Lawan said: “I want to take this opportunity to urge the implementation Committee to expedite action so that our country will start to reap the benefits of the law.
“It is equally important that our Committees on Petroleum Downstream, Petroleum Upstream, and Gas to start oversight on the implementation of the Act.
“This is with a view to ensuring that the Senate discharges its critical mandate of compliance with contents and dictates of the law.”
The president of the senate also said a Conference Committee on the Electoral Act would be set up to harmonise the versions of both Chambers of the National Assembly.
“We will expedite the process to ensure that the National Assembly is able to transmit the harmonised version to the President for his assent,” he said.
According to him, the report on the 2022/2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) would be presented to the Senate soon.
This, he said, was preparatory to the presentation of the 2022 Appropriation Bill by the President soon.
The PIA creates a regulatory environment that will ensure efficiency and accountability across the oil and gas value chain and reposition NNPC to a commercially driven National Petroleum Company accountable to the federation.
The Act also provides for a direct benefit framework that will enable sustainable development of Host Communities.
The act also provides for deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out project in host communities, among others.