The Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, has affirmed the Committee’s commitment to conducting a thorough examination of the petrol subsidy system. Addressing members at the inaugural meeting of the Committee in Abuja, Ugochinyere also pledged to comprehensively review the implementation of the Petroleum Industry Act.
Ugochinyere outlined the Committee’s legislative focus on key areas including energy security, enhancing professionalism in the petroleum sector, promoting economic transformation, ensuring accountability, driving institutional reforms, and facilitating revenue recovery and generation. The primary objective is to assist the Federal Government in achieving a revenue target of $20 billion from the sector.
He emphasized the importance of acknowledging the challenges faced by Nigerians due to the removal of the subsidy regime, pointing out that the previous regime, under President Muhammadu Buhari, had to be eliminated due to corruption. Consequently, the House Committee on Petroleum Resources (Downstream) intends to carry out a comprehensive audit of the PMS subsidy regime.
Ugochinyere underlined the Committee’s intent to leverage legislative powers to address the nation’s energy problems, foster healthy competition in the industry in alignment with the Petroleum Industry Act, create employment opportunities, and stabilize the foreign exchange market. He stressed that a well-functioning downstream sector would reduce the need for seeking foreign exchange for PMS, which currently contributes to market instability.
Ugochinyere expressed confidence in the capabilities of the Committee’s members to effectively fulfill their mandate.