The Nigerian Senate has concluded plans to review and amend the Petroleum Industry Act (PIA) following alleged inefficiencies and gaps in its enforcement. 

Chairman of the Senate Committee on Downstream Petroleum, Senator Kawu Sumaila, announced this following a closed-door session on Tuesday, citing concerns from industry stakeholders and Nigerians.

The review aims to address issues raised by stakeholders, including rising energy costs, regulatory bottlenecks, and lack of accountability.

The committee will gather and harmonize public and industry concerns, with Senator Sumaila stating, “There is a need for us to listen to the concerns of stakeholders, especially on the PIA, and expose corruption, inefficiency or waste in the execution and administration of laws within our legislative competence.”

The PIA, signed into law in 2021, aimed to overhaul Nigeria’s oil industry, improve transparency, and attract investment. However, stakeholders have raised concerns over its implementation, prompting the Senate’s review and potential amendments.

Spark News reports that stakeholders in Isoko communities had last week threatened to halt oil exploration over unreleased development funds.

The stakeholders are particularly disturbed that nearly two years after the inauguration of the AIO Host Community Development Trust (HCDT), as mandated by the Petroleum Industry Act (PIA) of 2021, no funds have been released for development.