Reps plan amendment to strengthen PIA, NEITI Acts.

Reps plan amendment to strengthen PIA, NEITI Acts.

The House of Representatives has said it is planning to amend the Petroleum Industries Act (PIA) and the Nigeria Extractive Industries Transparency Initiative (NEITI) Act in order to strengthen them for maximum performance in the extractive sector.

Chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu Onyinye Ugochinyere, announced this at a meeting with officials of NEITI yesterday in Abuja.

The lawmaker said the House was working on introducing key amendments to the PIA to make it have stronger provisions for clean energy transition.

He said: “We are also focused on reviewing the NEITI Act, to grant NEITI statutory powers to implement the findings of their investigation, and possibly execute the recommendations of their report.

“We are also considering granting NEITI powers to prosecute those found to be in breach of extant laws, strengthening the governance structure of NEITI, placing more emphasis on crucial disclosure requirements of EITI, especially as they relate to contract transparency and beneficial ownership, independent funding for NEITI, timely review and action on reports by the National Assembly, among others.

“We are also working with sister Petroleum/Oil and Gas Committees with a view to ascertaining those who operate extractive industries in Nigeria, to deepen transparency and public oversight of the industries through the House. “

“We also seek to pursue the recovery of public funds that were either mismanaged, wasted or yet to be remitted from the extractive industries.

“It is also our desire to ensure that there is accountability on the part of state-owned extractive industries to ensure that greater value and revenue is derived from the sector for the good of the nation and to foster a sustainable energy transition.”

Uhochinyere explained that as part of efforts to ensure the success of the House legislative agenda, the committee had secured the partnership, support and commitment of over 70 lawmakers as co-sponsors for critical Bills which seek to review some provisions of the NEITI Act.

He said this would lead to full realisation of the NEITI objectives, as well as the expansion and achievement of the desired transparency in the extractive industry.