Subsidy: Reps caucus lauds Tinubu, Kyari over reforms, transparency in oil & gas sector

A house of representatives caucus has applauded President Bola Tinubu and the group CEO of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, for reviving the oil and gas sector.

The Friends of the Masses, a caucus consisting of over 50 members drawn from across the country, made this known in a joint statement signed by Seso Ikpagher (Benue, APC) and Iyawe Esosa (Edo, LP).

The caucus described Kyari as the best thing to happen to Nigeria’s oil sector, adding that the Petroleum Industry Act 2021 is one of the numerous reforms birthed by the NNPC GCEO.

The lawmakers said the PIA is the most audacious attempt to overhaul the petroleum sector, once bedevilled by controversies and uncertainties.

While admitting that the expected gains of the Petroleum Industry Act have not been fully actualised, they expressed optimism that with Kyari, Nigerians can be hopeful.

The group further hailed Kyari as the game-changer in the oil and gas sector not just in Nigeria but the continent.

The lawmakers said the NNPCL GCEO came at a turbulent period characterised by low production, burgeoning vandalisation of oil pipelines, oil theft on a grand scale, and demoralised staff of the company.

However, just a little over three years later, he said the story is different.

“The signing of the PIA by former President Muhammadu Buhari was perhaps the biggest breakthrough for Kyari as it opened the door for more significant changes in the national oil giant,” the statement said.

“We can’t forget how he worked for the passage of the PIA. Today, we have a new, refreshed, and rejuvenated NNPC. He has gone a step further to initiate new investment benchmarks to further rejuvenate the once-ineffective company.

“Nigeria’s oil and gas industry is now on a transformative path, unlocking opportunities for growth and prosperity in the sector. The end of the fraudulent subsidy regime was another milestone.

“Under the leadership of Kyari, the company has taken significant steps towards enhancing transparency and accountability in the industry. One of the ways he has done this is by publishing monthly financial and operational reports.

“For Kyari, it is about the country. And together with other distinguished colleagues, we have vowed to support him in breaking new grounds and achieving more.”