The Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu has said that the parliament will develop a clearer roadmap to its role in the implementation of the Petroleum Industry Act (PIA).
He said that as the representatives of the people, it was incumbent on the lawmakers to ensure that the law is used for the overall benefit of the citizenry.
Kalu made the declaration while delivering his welcome remarks at the opening of the 2-Day retreat for members of the House of Representatives on Economic Transformation & Development: Towards Effective Implementation of the Petroleum Industry Reform
Act (2021) and Tax Reforms/Modernization with the theme “Navigating Change: Legislative
Strategies for Economic Transformation” in Abuja on Tuesday.
The Deputy Speaker said that the PIA represents a significant milestone in
Nigeria’s journey to reform its oil and gas sector, adding that it has the potential to
unlock vast economic opportunities and guide Nigeria towards a more prosperous and sustainable future.
He however said that the real
challenge with the Act is in its effective implementation.
He said: “This retreat provides a critical platform to strategize on how the House of Representatives can ensure the
successful execution of this landmark legislation.
“The role of the National Assembly, particularly the House of Representatives, in this process cannot be overstated. We are the custodians of the people’s will, entrusted with the responsibility of ensuring that the lofty ideals enshrined in the PIA are translated into tangible benefits for all Nigerians.
“This retreat serves as a critical forum for us to collectively strategize on how to fulfill this vital mandate. This retreat is designed to be a springboard for action. By its conclusion, we aim to achieve a multi-pronged outcome. We will emerge with a deeper understanding of the Petroleum Industry Act (PIA) and its impact on the oil and gas sector and our national development goals.
“We will collaboratively develop a clear roadmap for the House’s role in implementing and overseeing the PIA. This is consistent with the Legislative Agenda of the 10th House of Representatives and the Renewed Hope Agenda of the President, H.E. Bola Ahmed Tinubu, GCFR.
“This roadmap will emphasize building strong partnerships between the
legislature, the executive, regulatory agencies, industry stakeholders, and
civil society organizations.
“We will identify areas for potential policy
adjustments, capacity-building initiatives, and the development of robust
regulatory frameworks to support a successful PIA implementation.”
Kalu also underscored the need for a serious oversight function on government tax policies to ensure they are effectively implemented.
“Maintaining a watchful eye through proactive oversight will ensure
government policies on taxation and public expenditure are effectively
implemented and aligned with President Bola Ahmed Tinubu’s Renewed
Hope Agenda for Nigeria.
“By taking these steps, we can transform this retreat from a discussion into a springboard for action. Together, we can
build a more robust and equitable tax system, strengthen public financial
management, and lay the groundwork for a thriving digital economy”, he said.