Speaker of the House of Representatives, Tajudeen Abbas, has said more profound understanding of the petroleum sector, especially the functions of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), will create more benefits for Nigeria’s economy.

The speaker made the call at a retreat on Legislative Measures Towards the Realisation of the Mandate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the National Assembly, Abuja yesterday.

The retreat was organised for members of all the relevant Committees on Petroleum Resources (Upstream, Midstream, Downstream and Gas).

The speaker said the retreat was aimed at enhancing the understanding of the petroleum sector and equipping the House with the necessary legislative tools to support the NUPRC in achieving its mandate.

He said: “The petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to our GDP and serving as the primary source of foreign exchange earnings. However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.

“The enactment of the Petroleum Industry Act (PIA) 2021 marked a historic turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry.

These reforms include clearer delineation of roles, streamlined licensing procedures, enhanced environmental safeguards, and a renewed emphasis on attracting investments.”