Senate ratifies Magnus Abe appointment as NUPRC board chairman

The senate committee on petroleum resources (upstream) on Monday cleared Magnus Abe, former senator representing Rivers south-east, for appointment as chairman of the board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The committee screened Abe and other nominees forwarded by President Bola Tinubu.

Eteng Williams, senator representing Cross River central, chaired the committee.

The lawmakers considered nominees for appointment as chairman and non-executive commissioners of the commission.

In line with senate tradition, Abe was asked to “take a bow and go,” a privilege usually extended to former lawmakers appearing before the senate for confirmation.

Other nominees screened by the senate committee include Paul Jezhi, former chairman of the Trade Union Congress (TUC) in Kaduna, and Sunday Babalola, former deputy director at the defunct Department of Petroleum Resources (DPR).

Speaking with journalists after the screening, Abe said rising global oil prices triggered by tensions involving Iran and the United States present both challenges and opportunities for Nigeria.

“This is a very difficult time for the entire planet. It’s not just a Nigerian challenge; it is a global challenge,” he said.

Abe said the global crisis could increase fuel prices but also boost Nigeria’s oil revenue.

“You must look at the balancing act. Prices will definitely be affected, but revenues from our oil sales will also be positively affected,” he said.

“There will be some measure of balance in what will happen.”