BY SAM OTUONYE

Nigeria’s Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, on Monday, said Nigeria must win the battle against oil theft, which continues to gulp approximately $79.4 million daily.

Kalu said while Petroleum Industry Act (PIA) 2021 has revolutionalise the nation’s oil industry, continued legislative attention was absolutely required to address the lingering implementation challenges, particularly the persistent and economically crippling issue of oil theft.

In his lecture titled: ‘Legislation as an Enabler of Compliance, Investment, and Sector Growth: The Role of the National Assembly in Strengthening the Post-PIA Petroleum Landscape’, Kalu said in just two years post-enactment, the impact of the Act was undeniable.

Represented by the chairman, House Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, the deputy speaker said the Legislature’s pivotal role in enacting and tirelessly overseeing the PIA has yielded remarkable results such as over $16 billion in investment commitments, significant improvements in oil production, robust revenue generation, amongst others.

“The statistical evidence overwhelmingly supports the PIA’s success – from a truly astounding 28,991% increase in investment to achieving 1.69 million barrels per day in oil production and generating N50.88 trillion in revenue. These figures are not just encouraging; they are a clear validation of the PIA’s effectiveness.

“However, we must not rest on our laurels. Continued legislative attention is absolutely required to address the lingering implementation challenges, particularly the persistent and economically crippling issue of oil theft, which continues to cost Nigeria approximately $79.4 million daily. This is a battle we must win.

“The path forward demands sustained engagement from the National Assembly. This means enhanced oversight, carefully targeted legislation to address our security challenges, and unwavering support for our regulatory agencies.

“By diligently building on the robust foundation laid by the PIA, Nigeria can not only achieve its goal of becoming a leading global petroleum producer but also ensure sustainable development for our host communities and the broader Nigerian economy.

“At its core, the PIA 2021 has established a robust legal framework that has dramatically enhanced regulatory compliance across Nigeria’s petroleum sector. Before the PIA, we operated under a fragmented regulator structure, a table of overlapping mandates that hindered efficiency and accountability,” Kalu stated.