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 at plenary on Wednesday.
It seeks to provide for the board’s composition, functions, powers and tenure of members, strengthening institutional governance and oversight.
The proposed legislation also seeks to enhance administrative and financial accountability in implementing the PTDF’s mandate.
The mandate focuses on human capital development, technological advancement and local capacity building in Nigeria’s petroleum industry.
In a statement, Olusola said the absence of a statutory governing board raised concerns about oversight, accountability, inclusiveness and institutional sustainability.
He said the PTDF was established to develop indigenous manpower and expertise for Nigeria’s petroleum industry.
According to him, the fund trains professionals, supports research, promotes technological innovation and builds capacity to reduce dependence on foreign expertise.
Olusola said an institution with such an extensive national mandate required a governance structure reflecting its responsibilities and the interests of the federation.
He said the existing framework allowed the fund to operate without a statutory management board, concentrating much of its administrative and executive leadership in the Executive Secretary’s office.
While acknowledging the Executive Secretary’s operational responsibilities, Olusola said a governing board would provide additional oversight and strategic direction.
He said the proposed board would promote collective decision-making, policy supervision, institutional accountability and effective strategic management.
The lawmaker identified equitable representation of Nigeria’s six geopolitical zones as another major consideration in the proposed amendment.
He said the country’s federal character principle required national institutions to reflect its diversity and ensure participation across constituent regions.
Olusola said the proposed reform also aligned with President Bola Tinubu’s administration’s objectives of strengthening institutional accountability, transparency and efficient management of public resources.
“Good governance is not measured only by the performance of individuals occupying public offices. It is equally measured by the strength of the institutions they administer,” he said.
He said effective public institutions required clear lines of authority, transparent decision-making and oversight mechanisms that ensured continuity beyond individual tenures.
“Nigeria’s development ambitions require institutions that are stronger than individuals, structures that promote accountability and governance systems that reflect the collective interests of the federation,” he said.
The proposed amendment, if passed by the National Assembly and assented to by the President, would provide a statutory framework for PTDF’s governing board.
