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By Daniel Adaji
The Fiscal Responsibility Commission (FRC) and the House of Representatives Committee on Petroleum Resources (Upstream) have jointly launched a new Policy Paper designed to tighten governance, boost fiscal transparency, and strengthen oversight in Nigeria’s petroleum sector.
The document was unveiled at a Legislative Stakeholders’ Workshop convened in Abuja on Monday to address long-standing governance gaps in the upstream oil industry.
At the event, the Executive Chairman of the Fiscal Responsibility Commission, Victor Muruako, described the gathering as a “significant and timely milestone” in Nigeria’s push for greater transparency across the oil and gas value chain.
He commended the strong presence of lawmakers, regulators, and industry professionals, noting that the engagement aligned closely with the Commission’s mandate under Part XI of the Fiscal Responsibility Act (2007), which focuses on enforcing fiscal discipline and safeguarding public resources.
Muruako paid tribute to the Chairman of the House Committee on Petroleum Resources (Upstream), Alhassan Doguwa whose remarks were delivered by Kalifat Ogbara, who also chairs the House Committee on Women Affairs.
The FRC Chairman praised Doguwa’s steady support for reforms anchored on legislation, oversight, and strategic partnerships that strengthen the governance structure of the oil sector.
The document reviews existing laws, institutional roles, and reporting practices to determine their impact on transparency within the upstream segment.
According to the FRC, the Policy Paper identifies persistent gaps in compliance, challenges in governance practices, and areas where reporting and oversight can be strengthened. It recommends targeted reforms to protect oil revenues, improve accountability mechanisms, and ensure petroleum earnings are managed in a way that supports inclusive national development.
Stakeholders at the forum described the Policy Brief as a strategic guide capable of helping regulators, lawmakers, and industry players align Nigeria’s petroleum governance with global standards especially as the sector continues to confront issues such as oil theft, pipeline vandalism, operational security, and the integration of Environmental, Social, and Governance (ESG) principles.
Delivering Doguwa’s message, Ogbara reiterated the Committee’s resolve to support the Fiscal Responsibility Commission in fulfilling its statutory obligations.
She stated that achieving sound fiscal governance in the petroleum industry depends on empowering institutions and fostering collaboration with the legislature.
She noted the central role of the upstream sector in national planning, investor confidence, and host community relations, emphasising the Committee’s commitment to closing leakages and protecting Nigeria’s economic interests.
Ogbara also pointed to the Committee’s ongoing work on the Bill for an Act to Establish the National Commission for the Decommissioning of Oil and Gas Installations. She said the proposed legislation aims to tackle aging infrastructure, improve safety, and strengthen environmental restoration efforts in communities affected by oil operations.
According to her, engagements like the stakeholders’ workshop help enrich legislative work and shape more effective governance reforms.
The workshop drew a wide range of participants, including legislators, senior government officials, regulators, and industry leaders such as Mansur Musa, Akinlayo Kolawole, Jimi Odimayo, Jafaru Yakubu, Doris Okafor, Hamisu Ibrahim, Adewale Morufu, Ismaila Agoka, as well as representatives from RMAFC, NEITI, the Oil & Gas Free Zone Authority, and management and staff of the FRC.
Muruako encouraged participants to contribute practical, solution-driven ideas capable of strengthening governance in the upstream sector. He reaffirmed that Nigeria must manage its petroleum resources “in the most fiscally responsible manner for the benefit of all citizens.”