President Bola Ahmed Tinubu will declare open the two-day retreat on major economic laws, policies, and programs organised by the House of Representatives on Tuesday in Abuja.
The retreat, themed “Economic Transformation & Development: Towards Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernization,” with the sub-theme “Navigating Change: Legislative Strategies for Economic Transformation,” will take place at the Abuja Continental Hotel (formerly Abuja Sheraton Hotel and Towers). The Minister of the Federal Capital Territory (FCT), Nyesom Wike, CON, will host the event.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, will be the chief host, with President of the Senate, Senator Godswill Akpabio, CON; Deputy President of the Senate, Senator Barau Jibrin; and Deputy Speaker of the House, Hon. Benjamin Kalu, scheduled to speak at the event.
Besides the FCT Minister, those expected to deliver goodwill messages at the opening ceremony include the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kolo Kyari; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Clerk to the House of Representatives, Dr. Yahaya Danzaria; and the Resident Representative of Konrad Adenauer Stiftung (KAS), Marija Peran.
The panelists and discussants will include the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele; the Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu; the Minister of State for Petroleum Resources (Oil & Gas), Hon. Heineken Lokpobiri; the Governor of the Central Bank (CBN), Dr. Olayemi Cardoso; and the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Adamu Aliyu.
The retreat aims to achieve several objectives:
- Understanding the Petroleum Industry Act: Delving into the contents, purposes, and expected outcomes of the PIA, emphasizing its significance in transforming the oil and gas sector.
- Legislative Oversight and Implementation: Exploring the legislative role in overseeing the implementation of the Act, ensuring its provisions are actualized effectively and align with national interests.
- Stakeholder Engagement and Collaboration: Identifying opportunities for collaboration between the parliament, the executive, industry stakeholders, and communities to foster a conducive environment for the Act’s successful implementation.
- Policy and Regulatory Framework: Discussing the development of subsidiary legislation and regulatory frameworks essential for operationalizing the Act, including addressing gaps or challenges.
- Driving Tax Reforms: Specifically focusing on the parliament’s role in conceptualizing, initiating, and implementing tax reforms that are equitable, efficient, and conducive to economic growth.
- Fostering Collaboration: Creating a platform for dialogue among members, experts, and stakeholders, fostering collaborative efforts towards economic and fiscal reforms.
- Promoting Accountability: Emphasizing the importance of transparency, accountability, and effective oversight in public financial management and tax administration.
The expected outcomes of the retreat include enhanced understanding of the Petroleum Industry Act among members of the Nigeria House of Representatives, a clear roadmap for legislative and oversight roles in implementing the PIA, strengthened collaboration between the parliament, the executive, and other stakeholders in the petroleum sector.
Furthermore, the retreat aims to generate recommendations for policy adjustments, capacity building, and regulatory frameworks to support the effective implementation of the Act, as well as to provide deeper insights and knowledge informing the drafting and passage of legislation supporting economic development and tax reforms.
The retreat will also enhance capacity for effective oversight of government’s economic policies and public financial practices, ensuring alignment with national development goals.