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.
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.