The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has said that the enactment of the Petroleum Industry Act (PIA 2021) aided more than $16 billion in investment commitments and other improvements in the hydrocarbon resources industry.
The lawmaker made this remark on Monday during his lecture at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria held in Abuja.
The forum, which was organised by the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has as its theme “Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors”.
The Deputy Speaker, who was represented at the event by Chairman, House Committee on Petroleum Resources, Downstream, Hon. Ugochinyere Ikenga, explained that based on available data, Nigeria earned N50.88 trillion in revenue from crude oil and gas exports in 2024 and had been projected to earn more revenue from the source at the end of 2025.
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In a 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’’, the lawmaker spoke on the National Assembly’s role in further strengthening the PIA.
He expatiated: “The National Assembly’s pivotal role in enacting and tirelessly overseeing this transformative legislation has yielded remarkable results: more than 16 billion dollars post-PIA investment commitments, significant improvements in oil production, robust revenue generation, and improved regulatory compliance landscape.
“The statistical evidence overwhelmingly supports the PIA’s success: from a truly astounding 28,991 per cent 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 dollars daily, this is a battle we must win’’, Kalu added.
On the way forward to consolidate on the gains recorded so far in the oil and gas industry, the Deputy Speaker harped on the need for continued collaboration of the regulators, investors and other stakeholders with the National Assembly, through enhanced oversight, carefully targeted legislation to address the security challenges, and guarantee unwavering support for regulatory agencies.
He maintained that by diligently building on the robust foundation laid by the PIA, Nigeria would not only achieve its goal of becoming a leading global petroleum producing and exporting nation but also ensure sustainable development for the host communities and the broader Nigerian economy.
Kalu recalled: “Before the PIA, we operated under a fragmented regulatory structure, a table of overlapping mandates that hindered efficiency and accountability.
“The PIA swept this away, creating two distinct, powerful regulatory bodies: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA. This clear delineation of roles has been a game-changer.
“According to NEITI audits, our baseline compliance rate in 2015 stood at 94 per cent. While seemingly high, it masked underlying inefficiencies and vulnerabilities.
“Post-PIA implementation, we have seen a tangible enhancement in regulatory effectiveness. The NUPRC alone generated an astounding N4.344 trillion in revenue during 2023, representing a 14.89 per cent increase compared to 2022 figures.
“This is not just about collection; it’s about a more efficient and transparent system at work”, the lawmaker added.
It would be recalled that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reported that about 102 Host Community Development Trusts (HCDTs) had received N97 billion and $149 million dollars as HCDT fund remitted by settlors.
Based on its amended provisions, the PIA requires oil exploration companies/settlors to allocate three per cent of their Operating Expenditure (OPEX) of the previous year for their host communities’ development.
