The House of Representatives Committee on Petroleum Resources (Downstream) has stated that it will review the implementation of Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the petroleum sector.
Chairman of the Committee, Ikeagwuonu Ugochinyere (PDP, Imo) stated this at its inaugural meeting on Friday.
He said: “The implementation of the PIA which has become a major concern to key stakeholders would be reviewed by this committee. What was done before the PIA and what they are doing after the PIA.”
“The assets that used to be national assets before the coming into effect of the PIA, where are they? Who is with them? All these, the committee would look into to ensure that the intention of the PIA is achieved.
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“One of the intentions is to ensure that there is energy security and competition in the downstream sector. But if you come now, you will see that NNPC is the main importer of PMS. That is not the main intention of the PIA. The PIA had envisaged a situation where numerous downstream operators would have been involved in the importation of PMS. That we would also look into,” he said.
“Let me also inform that as you are already aware, the House has received in plenary the NEITI report that has far reaching recommendations both in the downstream, upstream and midstream sectors, especially the issue of over $8.5 billion unremitted royalties and other oil revenues and the discrepancies that have to do with the quantity of PMS imported by the NNPCL and what is in the record of NMDPRA.”
Ugochinyere said the committee is aware of the pains Nigerians are going through as a result of removal of oil subsidy, hence it will also undertake a comprehensive audit of the subsidy regime, which he said was done away with because it was corrupted.
The lawmaker said: “And it is also very important that we let it be known to Nigerians that we feel the pains that Nigerians are going through due to the removal of subsidy.”
