The House of Representatives has begun moves to establish a statutory Governing Board for the Petroleum Technology Development Fund, seeking to strengthen oversight and accountability in the agency.\n<\/p>\n
A bill seeking to amend the Petroleum Technology Development Fund Act, Cap. P15, Laws of the Federation of Nigeria, 2004, was read for the first time on the floor of the House on Thursday.\n<\/p>\n
Sponsored by Olusola Fatoba and Adeyemi Adeniyi, the proposed legislation seeks \u201cto provide for the composition, functions, powers and tenure of members of the board, as well as strengthen institutional, administrative and financial oversight of the Fund.\u201d\n<\/p>\n
The sponsors said the amendment was designed to address what they described as a longstanding gap in the PTDF\u2019s governance structure and introduce stronger mechanisms for accountability, transparency and equitable representation in the agency\u2019s administration.<\/p>\n
They argued that an institution responsible for developing indigenous manpower and technological expertise for Nigeria\u2019s petroleum industry required a governance structure that could provide strategic direction and independent oversight.<\/p>\n
The proposed board would provide an additional layer of supervision over the fund\u2019s operations, complementing the administrative and executive responsibilities of the Executive Secretary. <\/p>\n
The bill also seeks to ensure equitable representation of the six geopolitical zones in the board\u2019s composition, in line with the federal character principle.<\/p>\n
The PTDF is responsible for developing local capacity in the oil and gas industry through scholarship programmes, professional training, research support and technological development.\n<\/p>\n
Its mandate also includes reducing the country\u2019s dependence on foreign expertise by training professionals to meet the technical needs of the petroleum industry.\n<\/p>\n
The sponsors said the absence of a statutory governing board raised concerns about institutional oversight, inclusiveness and the long-term sustainability of the fund\u2019s administrative structure.\n<\/p>\n
They added that the proposed reform would strengthen institutional checks, improve transparency in decision-making and provide a clearer framework for strategic planning and accountability.\n<\/p>\n
The bill is expected to return to the House for second reading, where lawmakers will debate its general principles before possible referral to a committee for further legislative scrutiny.\n<\/p>\n
Source: <\/p>\n
The House of Representatives has begun moves to establish a statutory Governing Board for the Petroleum Technology Development Fund, seeking to strengthen oversight and accountability in the agency. A bill… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-15892","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=15892"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15892\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=15892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=15892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=15892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}