The House of Representatives states that the enactment of the Petroleum Industry Act (PIA 2021) has yielded remarkable results, with over $16 billion in investment commitments and significant improvements in oil production.
Benjamin Kalu, the parliament’s deputy speaker, said this on Monday in Abuja at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria. The forum was organised by the Midstream and Downstream Petroleum Regulatory Authority.
Mr Kalu stated that, based on available data, Nigeria generated N50.88 trillion in revenue from crude oil and gas exports in 2024 and is projected to earn more by the end of 2025. He said that in just two years since its enactment, the impact of the PIA 2021 was undeniable.
ADVERTISEMENT
He highlighted the National Assembly’s role in further strengthening the PIA.
“The National Assembly’s pivotal role in enacting and tirelessly overseeing this transformative legislation has yielded remarkable results: more than $16 billion Post-PIA investment commitments, significant improvements in oil production, robust revenue generation, and improved regulatory compliance landscape.
“The statistical evidence overwhelmingly supports the PIA’s success: from a truly astounding 28,991 per cent increase in investment to achieving 1.69 million barrels per day in oil production and generating N50.88 trillion in revenue,’’ Mr Kalu said.
“The ex parte order was issued without prior notice to IPOB, without presentation of evidence, and without an opportunity for defense.
“This falls short of the requirements of Section 36 of the Nigerian Constitution, which guarantees the right to a fair hearing,” it said.
The group said referring to it as a terrorist organisation without a valid court ruling may prompt legal redress under applicable defamation and constitutional rights laws.
It emphasized that its position has always been that no competent court has made a final, post-trial judgment proscribing it as a terrorist group, and it continues to challenge the legal basis of the ex parte order in court, including at the Supreme Court.
IPOB also reiterated its commitment to peaceful advocacy, adding that it has sought legal remedies to defend its name.
