The Nigerian Senate has cleared former lawmaker representing Rivers South-East Senatorial District, Mr. Magnus Abe, for appointment as Chairman of the Board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Mr. Abe was on Monday screened by the Senate Committee on Petroleum Resources (Upstream) before receiving the approval of lawmakers.
The committee, Chaired by Senator Eteng Jonah Williams, who represents Cross River Central Senatorial District, screened nominees forwarded by President Bola Tinubu for appointment as chairman and non-executive commissioners of the commission.
In line with the Senate’s tradition for former lawmakers appearing for confirmation, Mr. Abe was asked to “take a bow and go,” having served two terms in the National Assembly.
Speaking with journalists shortly after his appearance before the committee, Mr. Abe said the surge in global oil prices triggered by tensions involving Iran and the United States presents both challenges and opportunities for Nigeria.
The former Lawmaker described the situation as a worldwide challenge rather than a purely Nigerian problem.
“This is a very difficult time for the entire planet. It’s not just a Nigerian challenge; it is a global challenge,” Mr Ade noted.
He said that while the conflict has pushed up the cost of fuel and created hardship for Nigerians, the increase in oil prices could also translate into higher national revenues.
“You must look at the balancing act. Prices will definitely be affected, but revenues from our oil sales will also be positively affected. There will be some measure of balance in what will happen,” the former Lawmaker emphasised.
Mr. Abe who called for global prayers for an end to the conflict said that beyond the economic implications, the crisis was claiming human lives.
“Human beings are actually dying. Our prayers should be that this conflict, which in my opinion is unnecessary and harmful to the entire world, should quickly come to an end so that we can begin to recover,” he said.
The 2023 governorship candidate of the Social Democratic Party, however, urged Nigerians to see the situation as an opportunity to strengthen the country’s energy sector, particularly in gas development and marginal oil field investments.
“If the price of oil is going up, it allows us to invest in marginal fields that otherwise would not have been profitable. If gas supplies are being disrupted globally, this is an opportunity for Nigeria to optimise its own gas production, which will create jobs and new opportunities,” the former Lawmaker added.
Mr. Abe also expressed gratitude to the Nigerian President, Bola Tinubu for nominating him to serve on the regulatory body’s board.