National Assembly probes alleged economic sabotage in petroleum sector

T The National Assembly's joint committee has taken a significant step to address the pressing concerns within Nigeria's petroleum industry.

The committee, led by Senate Leader Opeyemi Bamidele, convened an interactive session with key stakeholders to launch an in-depth investigation into allegations of economic sabotage plaguing the sector.

The session, which attracted top officials, including the Minister of Finance, the Minister of State Petroleum (Oil), and representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), aimed to unravel the complexities behind the industry's ongoing challenges.

Key industry players such as Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Major Oil Marketers Association of Nigeria (MOMAN) were also present to provide their insights.

Chairman Bamidele emphasized the urgent need to dispel the cloud of accusations and counter-accusations that have marred the industry. He urged all parties to focus on collaborative solutions rather than dwelling on fears of monopolistic practices and the stalling of local refineries.

"The time for pointing fingers is over. We must work together to ensure a transparent, efficient, and competitive petroleum sector that benefits all Nigerians," he stated.

This investigation marks a pivotal moment in the ongoing efforts to reform Nigeria's petroleum industry.

By bringing together stakeholders from various segments of the industry, the National Assembly aims to foster a comprehensive dialogue that can lead to sustainable solutions and restore confidence in the sector.