The House of Representatives has begun moves to introduce a statutory governing board for the Petroleum Technology Development Fund (PTDF) through a proposed amendment to the fund’s enabling law.
The bill, sponsored by Fatoba Olusola (APC-Ekiti) and Adeyemi Adeniyi (APC-Oyo), passed its first reading during Wednesday’s plenary session.
It seeks to establish the composition, responsibilities and powers of the proposed board, including provisions for the tenure of its members, to improve the fund’s governance and oversight.
Speaking on the proposed legislation, Mr Olusola said the absence of a legally recognised governing board had created gaps in institutional oversight, accountability, inclusiveness and long-term sustainability.
He explained that the PTDF was established to develop local manpower and technical expertise for Nigeria’s petroleum sector through professional training, research support, technological innovation and capacity development.
According to him, the fund’s national responsibilities require a governance structure capable of providing effective supervision and representing the interests of the country.
He noted that the current arrangement allows the PTDF to operate without a statutory management board, leaving much of its administrative and executive leadership under the office of the executive secretary.
While recognising the executive secretary’s role in the day-to-day running of the institution, the lawmaker argued that a governing board would strengthen strategic direction, encourage collective decision-making and improve policy supervision.
He also identified the need for representation across Nigeria’s six geopolitical zones, saying the proposed amendment would promote the federal character principle and ensure broader regional participation in the institution’s administration.
Mr Olusola added that the initiative was consistent with President Bola Tinubu’s administration’s efforts to improve transparency, accountability and the 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 maintained that strong public institutions must have clearly defined responsibilities, transparent decision-making processes and effective oversight mechanisms that guarantee continuity beyond the tenure of individual officeholders.
The lawmaker further stressed that Nigeria’s development goals depended on building institutions whose effectiveness was not tied to particular individuals.
The proposed amendment will provide a legal framework for the PTDF governing board if it is passed by the National Assembly and receives presidential assent.
