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The Lagos Chamber of Commerce and Industry (LCCI) is urging the Nigerian government to enforce the Petroleum Industry Act by providing a steady supply of over 300,000 barrels of crude oil daily to local refineries. This measure aims to stabilize increasing fuel prices, which are nearing N1,500 per litre.
A court in Bayelsa has postponed a lawsuit regarding Shell UK's divestment from its onshore assets, now set for May 6, due to the absence of representatives from the Attorney-General's office.
The implementation committee responsible for Executive Order 9 announced that comprehensive guidelines for direct remittance of oil revenues to the Federation Account will be completed within three weeks. This initiative aims to align oil revenue management with constitutional principles.
President Bola Tinubu is preparing to submit proposals to the National Assembly seeking modifications to the Petroleum Industry Act (PIA). This move comes as part of efforts to enhance revenue generation and align the Act with Nigeria's current economic conditions.
Dr. Olisa Agbakoba has called for the full privatization of the Nigerian National Petroleum Company (NNPC) and a judicial review of the Petroleum Industry Act (PIA) to enhance Nigeria's oil revenue. He emphasizes the need for significant reforms to address the nation's oil governance issues.
Members of the House of Representatives Committee on Petroleum Downstream received accolades for organizing the '2025 Inaugural Annual Downstream Petroleum Week' aimed at addressing Nigeria's energy challenges and advancements. The event highlighted critical issues in the petroleum sector, including the impact of the Dangote Refinery.
President Bola Tinubu has announced an Executive Order that mandates the direct remittance of oil and gas revenues to the Federation Account. This order aims to improve revenue collection, reduce wasteful spending, and eliminate redundancies within the sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) met with Delta State stakeholders and petroleum communities to reinforce its commitment to the lawful implementation of the Petroleum Industry Act (PIA) 2021. The engagement focused on ensuring compliance and the effective delivery of development benefits to host communities.
The Nigerian oil and gas sector has faced numerous challenges due to inconsistent regulations and policies. However, the implementation of the Petroleum Industry Act (PIA) has introduced clearer guidelines that foster better investor confidence and operational stability within the industry.
