Reps move to establish PTDF governing board

The House of Representatives has initiated steps to create a governing board for the Petroleum Technology Development Fund (PTDF). The bill seeks to amend the Petroleum Technology Development Fund Act, Cap. P15, Laws of the Federation of Nigeria, 2004. Sponsored by Olusola Fatoba and Adeyemi Adeniyi, the proposed legislation aims to define the board's composition, functions, powers, and tenure, as well as enhance oversight and accountability.

The sponsors argue that the current governance structure lacks robust mechanisms for transparency and equitable representation, which are crucial for an institution responsible for developing indigenous expertise in Nigeria's petroleum industry. The proposed board would serve as an additional oversight mechanism, complementing the existing responsibilities of the Executive Secretary.

The bill also seeks to ensure the representation of all six geopolitical zones in the board, adhering to the federal character principle. With the PTDF playing a pivotal role in capacity building, professional training, research, and technological development in the oil and gas sector, the proposed reform aims to strengthen institutional checks, improve transparency, and provide a clearer framework for strategic planning and accountability.