PIA Implementation: Akpabio Seeks Accountability, Better Results in Oil Sector

President of the Senate, Godswill Akpabio, has called for stronger accountability, improved investment conditions and measurable results in Nigeria’s petroleum industry, warning that the Petroleum Industry Act (PIA) must translate into tangible benefits for Nigerians five years after its enactment.

Akpabio made the call on Wednesday at a stakeholders’ engagement programme on the implementation of the Petroleum Industry Act, held at the Transcorp Hilton, Abuja.

He said the success of the landmark legislation should be measured by its impact on petroleum production, investment, energy infrastructure, host communities and the living conditions of Nigerians, rather than its passage into law alone.

According to him, Nigeria must move from the promise of petroleum sector reforms to demonstrable results through effective implementation, stronger institutions and sustained legislative oversight.

“We must move from the promise of reform to the proof of performance,” the Senate President said, urging stakeholders to assess whether regulators were delivering efficiency, fiscal policies were attracting investment and host communities were receiving the benefits promised under the law.

The Petroleum Industry Act, enacted in 2021, introduced changes to petroleum sector governance, established a new regulatory framework, provided for the commercial transformation of the national oil company and created mechanisms for host-community development.

Akpabio, however, stressed that the effectiveness of the legislation depended on how well its provisions were implemented.

He said the National Assembly, particularly the 10th Senate, would continue to exercise its oversight responsibilities to ensure that institutions established under the law performed their duties and delivered the intended benefits.

“The legislature’s responsibility does not end when a Bill receives presidential assent. Lawmaking begins a public obligation; it does not conclude it,” he said.

The Senate President explained that some implementation challenges might require legislative intervention, while others could be addressed through regulatory improvements, administrative efficiency and better coordination among relevant institutions.

He added that the objective of legislative oversight was to identify shortcomings and provide appropriate remedies rather than merely apportion blame.

Akpabio also identified crude oil theft, regulatory delays and uncertainty as challenges capable of undermining investment and depriving the country of revenue needed for national development.

He said Nigeria needed a petroleum industry in which regulations were predictable, investments were commercially viable, institutions remained accountable and national interests were protected without discouraging legitimate enterprise.

According to him, the changing global energy landscape makes it imperative for Nigeria to improve production efficiency, unlock its natural gas potential, strengthen domestic energy security and prepare for evolving energy markets.

He warned that the country could not afford to lose investment opportunities to uncertainty or allow avoidable regulatory bottlenecks to impose additional costs on businesses.

On host communities, Akpabio said the success of the PIA must be evident in improved infrastructure, environmental responsibility, sustainable livelihoods and accountable management of development trusts.

He maintained that the benefits of petroleum resources should extend beyond government revenues and corporate balance sheets to include better schools, hospitals, roads and living conditions in communities where oil and gas are extracted.

“The true wealth of a nation is measured not merely by the crude oil it exports or the revenue it earns, but by the opportunities it creates, the industries it builds, the jobs it generates and the dignity it brings to its people,” he said.

Akpabio urged stakeholders at the engagement to move beyond speeches and resolutions by presenting evidence of operational challenges, investment constraints, production concerns and host-community development needs.

He said the meeting should produce a practical assessment of the PIA’s implementation, prioritised recommendations, clearly assigned institutional responsibilities and realistic timelines for action.

He added that the outcome should guide sustained engagement, legislative oversight and appropriate executive and regulatory interventions.

The Senate President also reaffirmed the National Assembly’s commitment to supporting the economic reforms of President Bola Tinubu’s administration while ensuring that the reforms delivered lasting benefits to Nigerians.

He said petroleum resources remained a national asset held in trust for present and future generations, requiring integrity, discipline and responsible management.

Akpabio urged participants to ensure that the PIA became a turning point in Nigeria’s economic transformation rather than merely a landmark in the country’s legislative history.

“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” he said.

He subsequently declared open the stakeholders’ engagement programme, themed “The Petroleum Industry Act Implementation Journey: Industry Impact and the Path Forward.”