Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu has said that the parliament will develop a clearer roadmap to its role in the implementation of the Petroleum Industry Act (PIA).
Hon. Kalu disclosed this in Abuja during 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/Modernisation with the theme: ‘Navigating Change: Legislative Strategies for Economic Transformation’.
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.
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 strategise 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 emphasise building strong partnerships between the legislature, the executive, regulatory agencies, industry stakeholders, and civil society organisations.
“We will identify areas for potential policy adjustments, capacity-building initiatives, and the development of robust regulatory frameworks to support a successful PIA implementation.”
Hon. 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.
Source: