By Vivian Emoni
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun consultations with oil and gas stakeholders to boost investment and Federation Account revenues.
Dr Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee, disclosed this on Monday in Abuja during a stakeholders’ engagement.
Enefe, who represents Anambra on the commission, said the proposed Oil and Gas Investment Summit in China was tentatively scheduled for November 2026.
He said RMAFC’s constitutional committees were responsible for monitoring Federal Government investments in the oil and gas sector.
According to him, the committees also ensure that the country receives appropriate revenues and accruals from such investments.
Enefe said the committee had made significant progress in monitoring the sector, including revenue recovery and enforcement of penalties against defaulting oil companies.
He said the penalties particularly concerned breaches of the Petroleum Industry Act, including obligations relating to gas flaring.
“RMAFC had identified enormous investment opportunities in Nigeria’s gas sector and considered it necessary to attract greater participation in upstream and downstream activities.
“We looked at the opportunities in the gas sector and felt that we need to intervene, especially in bringing investors to the sector,” he said.
Enefe said the commission had engaged the Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.
He said the engagements were aimed at identifying avenues for attracting investors into Nigeria’s oil and gas sector.
The chairman said the proposed summit formed part of broader efforts to develop the industry, increase investment and expand Nigeria’s revenue base.
He said RMAFC had briefed the Presidency on the initiative and was consulting relevant government agencies to ensure a successful summit.
Enefe said China was deliberately selected because of its significant role in the global energy and investment landscape.
He added that consultations had been held with the Nigerian High Commission in Beijing, including Nigeria’s ambassador and other stakeholders.
According to him, the stakeholders expressed support for the proposed initiative.
Enefe said a stakeholder breakfast meeting scheduled for Wednesday in Abuja would bring together key government institutions and agencies.
He said the meeting would formally brief stakeholders on the summit and obtain their contributions towards its planning.
The chairman added that ministries and agencies would nominate representatives to the summit’s planning committee.
Responding, Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, expressed the ministry’s support for the initiative.
Ekpo stressed the need to showcase Nigeria’s investment opportunities and ensure effective implementation of Presidential Executive Orders and the Petroleum Industry Act.
He called for coordinated action among relevant government institutions to maximise opportunities in the oil and gas sector.
The minister highlighted Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity for economic growth.
He said the reserves could strengthen regional energy markets and enhance Nigeria’s position in the global energy landscape.
Ekpo said his ministry would work with RMAFC and other agencies to ensure the summit achieved its objectives.
He assured the commission of the ministry’s cooperation throughout the planning process.
The minister disclosed that his ministry would nominate a representative to the summit’s planning committee.
He expressed confidence that the initiative would attract new investments and increase government revenue.
The engagement underscored RMAFC’s commitment to inter-agency collaboration, investment promotion and maximising Nigeria’s natural-resource revenue potential.
Also in attendance were RMAFC Commissioner representing Kogi, Mr Abdulazeez King, and Director of Gas and Investment Department, Hajiya Zainab Adamu.
Edited by Kamal Tayo Oropo