Mr Opaluwa Enebi, Research Associate of the Centre, gave the commendation at the presentation of soft media launch of NNRC’s 2019 benchmark exercise report in Abuja.
The report is the fourth in the series of benchmarking exercise reports produced by NNRC, carried out to provide an assessment of governance on Nigeria’s petroleum wealth.
The previous reports were published in 2012, 2014 and 2017.
He said the Petroleum Industry Governance Bill (PIGB) and other critical legislations however, did not become law during the period under review.
He said “the government has acknowledged Nigeria’s unhealthy dependence on oil and gas resources. Nevertheless, the implementation of the oil and gas strategy fell short of set targets in policy documents’’.
Enebi emphasised the need to make decisions that appear not to ignore prevailing global oil market conditions.
He added that the launch of publicly available beneficial ownership register may help address ownership and transparency issues regarding oil and gas resources.
Enebi said “domestic gas utilisation improved significantly in the period under review largely driven by demand from the power and industrial sector, however, liquidity challenges in the power sector threatens successes’’.
Enebi pointed out that effective oversight functions of the National Assembly had yielded positive results to the growth of the sector.
According to him, some oversight activities have resulted in prosecution and conviction of some indicted persons.
He noted that specific recommendations for sanctions had also been transmitted to the executive arm of government for implementation.
Enebi however decried that audit reports were yet to be addressed by the National Assembly.
“Audit office is still experiencing capacity challenges as many Ministries Departments and Agencies (MDAs) are still non-compliant with submission of audit reports to Office of the Auditor General of the Federation.
“Investigation and prosecution of corruption has continued during the review period. However, harassment of whistle blowers may threaten effectiveness of the policy.
“Critical pieces of legislation suffered setbacks during the review period and this includes the PIGB, whistle-blowers’ protection Act, Witness protection program Act, Company and Allied Matters Act (CAMA),’’ Enebi stressed.
NNRC, Programme Coordinator, Tengi George-Ikoli, in her address, called for better management of Nigeria’s oil and gas resources with a view to repositioning the country as one of the fastest growing economy in the world.
Tengi George-Ikoli, Programme Coordinator, NNRC,
George-Ikoli expressed worry that Nigeria’s over reliance on oil, undiversified revenue base and other economic and social factors accounted for the poor management of its petroleum resource wealth.
According to her, while Nigeria’s resource strategy is strengthened in 2017 with the approval of the national oil and gas policies by the Federal Executive Council, they are yet to be fully implemented.
© 2019, https:. All rights reserved., Attribution and link to nigeriamaritime360.com is required if you wish to use any of the articles on this site