Public affairs analyst, Olufemi Ibitoye, has cautioned against ongoing moves to amend the Petroleum Industry Act (PIA), describing such efforts as premature and potentially damaging to Nigeria’s oil and gas sector.
In a statement from Abuja, Ibitoye argued that the PIA signed into law in 2021 after more than two decades of consultations represents the most comprehensive reform in the sector’s history and should be allowed to run its course before any amendments are considered.
He expressed concern over proposals to transfer strategic project responsibilities to the Ministry of Finance, noting that such a shift could weaken accountability, erode sector-specific expertise, and create administrative confusion.
“Oil and gas project oversight is not the core strength of the Ministry of Finance. Outsourcing strategic management of this highly technical sector risks undermining efficiency and investor confidence,” he stated.
Ibitoye emphasized the need to focus instead on curbing corruption with clear frameworks, data-backed monitoring, and independent oversight.
He warned that altering the governance structure so soon after implementation could send the wrong signals to global investors who seek stability and predictability.
Citing global benchmarks, he pointed to countries like Saudi Arabia, Malaysia, and Brazil, which maintain a clear separation between strategic oil operations and government ministries, thereby empowering their national oil companies to operate with professional independence.
He commended the current NNPC Ltd board appointed by President Bola Ahmed Tinubu, describing it as one of the most competent and balanced in Nigeria’s history.
Under the leadership of GCEO Bashir Bayo Ojulari, Ibitoye noted that the company has made steady progress in transparency, stakeholder engagement, and investor relations.
“What Nigeria needs now is consistency, not disruption. Premature amendments risk weakening what has taken years to build,” he concluded, urging government to allow the PIA and its institutions, including NNPC Ltd and the Nigerian Upstream Regulatory Commission (NUPRC) to function fully before any review.
