A bill seeking to establish a statutory Governing Board for the Petroleum Technology Development Fund (PTDF) has passed first reading in the House of Representatives.
The bill, sponsored by Reps. Fatoba Olusola (APC-Ekiti) and Adeyemi Adeniyi (APC-Oyo), scaled first reading during Wednesday’s plenary.
It seeks to establish the composition, functions, powers and tenure of board members to strengthen institutional governance and oversight of the fund.
The proposed legislation also aims to improve administrative and financial accountability in implementing the PTDF’s mandate of developing human capital, advancing technology and building local capacity in Nigeria’s petroleum industry.
Olusola, in a statement, said the absence of a statutory governing board raised concerns about oversight, accountability, inclusiveness and institutional sustainability.
He explained that the PTDF was established to develop indigenous manpower and expertise for the petroleum industry through professional training, research, technological innovation and capacity building.
According to him, the existing framework allows the fund to operate without a statutory management board, concentrating much of its administrative and executive leadership in the Office of the Executive Secretary.
While acknowledging the Executive Secretary’s operational responsibilities, Olusola said a governing board would provide additional oversight, strategic direction and collective decision-making.
He added that the proposed board would strengthen policy supervision, institutional accountability and effective management.
The lawmaker identified equitable representation of Nigeria’s six geopolitical zones as another key objective of the amendment, noting that national institutions should reflect the country’s diversity.
He said the proposed reform also aligned with the Federal Government’s objectives of promoting transparency, accountability and efficient management of public resources.
Olusola maintained that strong public institutions required clear authority, transparent decision-making and effective oversight mechanisms to ensure continuity beyond individual tenures.
The proposed amendment, if passed by the National Assembly and assented to by the President, would provide a statutory framework for the PTDF Governing Board.
