Industry sector

Stakeholders demand transparency and accountability in the extractive industry sector



An international development consultant, Professor Ken Ife, has called for public disclosure and valuation of all government assets in the oil and gas sector for transparency and accountability purposes.

Professor Ife also recommended public listing of all these companies on the stock exchange.

The consultant, who estimated that the country’s oil and gas assets could reach 50 trillion naira, said the valuation and listing would block leaks in the sector.

He made the call in Abuja during a development dialogue organized by the Growth Initiative for Budget Transparency (GIFT), Nigeria Project.

The GIFT Nigeria project is implemented by OrderPaper Advocacy Initiative and its cluster partners.

OrderPaper Advocacy Initiative Executive Director Oke Epia said the dialogue on the theme “Revenue, Remittances and Resource Enhancement” aimed to discuss with stakeholders ways to increase remittances to government.

Mr. Epia, who denounced the IMF’s warning that Nigeria’s debt servicing could yield 100% of its revenue by 2026 if the government does not implement adequate measures to improve revenue generation, expressed his belief that the issue of remittances could be resolved with the speedy passage of the Fiscal Accountability Amendment Bill currently before the National Assembly.

The Budget Responsibility Commission (FRC) is responsible for ensuring the prudent management of public finances. So, taking the opportunity, the Chairman of the Commission, Victor Muruako, noted that the efforts made by the commission since its establishment had led to more than 1.7 trillion naira being paid into the consolidated revenue fund.

He pointed out that if the FRC law was strengthened, it would further increase remittances to government coffers.

In line with the leak blocking, NEITI Executive Secretary Dr. Orji Ogbonnaya Orji said the Initiative’s previous reports had led to the discovery that some companies owed the N2 government. 6 billion in unpaid taxes and other levies.

Dr Orji therefore warned that action would be taken against these companies if, at the end of his report this year, they were still found to be in default of their obligations.

Aligning with other contributors, House Public Accounts Committee Chairman Oluwole Oke called on government agencies to be open to scrutiny by relevant authorities in the interests of transparency and accountability. .

Reporting by Annabel Nwachukwu; Editing by Tola Oguneye and Tony Okerafor