Senate President Godswill Akpabio has urged petroleum industry stakeholders to demonstrate measurable economic benefits from the Petroleum Industry Act (PIA), saying its success must be assessed by results rather than promises.
Gatekeepers News reports that Akpabio, while speaking at a stakeholders’ engagement on the implementation of the Act at the Transcorp Hilton, Abuja, said Nigerians deserved evidence of improved governance, increased investment and meaningful development in oil-producing communities five years after its enactment.
This was contained in a statement issued on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh.
“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” Akpabio said.
He identified regulatory efficiency, investor confidence, the commercial performance of the national oil company, petroleum production, energy infrastructure and host-community development as key measures of the law’s effectiveness.
Akpabio urged stakeholders to address implementation challenges through evidence-based assessments and institutional action.
“Cooperation must never become an excuse for avoiding accountability,” he cautioned.
The Senate President reaffirmed the National Assembly’s oversight role, stressing that its responsibility continued after presidential assent. He said some implementation problems might require legislative changes, while others demanded better regulation, administrative efficiency and coordination.
He warned that crude oil theft, investment uncertainty and avoidable regulatory delays were imposing significant costs on national development.
Akpabio called for firm and predictable regulation, responsible investment and accountable institutions. He also urged stakeholders to strengthen domestic energy security, develop Nigeria’s natural gas resources and improve the sector’s competitiveness.
On host communities, he said development trusts established under the PIA must produce better infrastructure, sustainable livelihoods, environmental responsibility and improved living conditions.
“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 participants to identify operational constraints and investment challenges, and produce practical recommendations with clearly assigned responsibilities and realistic timelines.
He said the engagement should go beyond issuing a communiqué to establish a framework for sustained dialogue, legislative oversight and executive and regulatory action.
While reaffirming legislative support for President Bola Tinubu’s economic reforms, Akpabio said that support must be accompanied by rigorous oversight to ensure lasting benefits for Nigerians.
