The President of the Nigerian Senate, Senator Godswill Akpabio, has said the National Assembly is focusing on the critical need for legislative and structural reforms to safeguard Nigeria’s petroleum industry.
Speaking at the joint National Assembly Committee on Petroleum Resources in Abuja, Senator Akpabio, represented by Senator Jimoh Ibrahim, said the petroleum industry remains the lifeblood of the Nigerian economy, providing essential revenue for infrastructure, healthcare, and education.
Senator Akpabio described oil theft and the importation of substandard fuel as acts of “economic sabotage” that directly threaten national security and investor confidence.
He said the Senate is considering legislation to classify oil theft as an act of terrorism to deter perpetrators and their international networks.
He reaffirmed the 10th Assembly’s commitment to the Renewed Hope Agenda, advocating the full restoration of national refineries to achieve domestic energy security and end the era of fuel importation.
Senator Akpabio explained that current price fluctuations are a result of deregulation, which is intended to eliminate the “shadow of subsidy” and redirect funds toward vital social services.
He called for greater engagement with host communities, security agencies, and international partners to develop sustainable enforcement strategies.
Senator Akpabio said the Senate is open to repealing or amending parts of the Petroleum Industry Act (PIA) to ensure it better serves Nigerians and increases local content.
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The joint committee (Senate and House of Representatives) is addressing the non-availability of crude oil to local refineries, alleged importation of substandard products, and the need to strengthen regulatory oversight.
The committee is also holding investigative hearings and roundtable discussions to address critical issues in the petroleum sector.
The session, originally planned for late February, was deferred to allow the Ministry of Petroleum Resources more time to assemble necessary documentation.
Key focus areas include probing allegations of economic sabotage, substandard product importation, and ensuring the functionality of local refineries to boost the Nigerian economy.