Politics
THE National Assembly says it is poised to bring about desired reforms in the petroleum industry through the passage of reform-oriented laws within the sector.
Lauding the Nigeria Extractive Industries Transparency Initiative (NEITI) 2022/2023 oil and gas industry reports, it says it is currently amending the NEITI Act to strengthen its legal framework and enhance effectiveness.
Rep. Ikenga Ugochinyere, Chairman House Committee on Petroleum Resources (Downstream) and Sen. Eteng Williams, Chairman, Senate Committee on Petroleum Resources (Upstream) made this known on Thursday in Abuja.
The law makers made this known at the public presentation of 2022 and 2023 NEITI Oil and Gas Industry Report by the National Stakeholder Working Group – NEITI Board.
Speaking, Ugochinyere said Nigeria’s search for transparency and accountability in the governance of its abundant natural resources was directly linked to 2003 when the country voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI).
According to him, Nigeria’s signing up to the EITI led to the establishment of the NEITI in 2004 as part of the overall government economic and institutional reforms under the then National Economic Empowerment Development Strategy (NEEDS).
He said one of the foremost objectives of NEITI was to provide crucial facts, information and data required by the citizens to promote constructive engagements, public debates, discussions, dialogue, and advocacy to push for the needed reform.
He said NEITI Report on the Oil, and Gas Industry had, over the years, served as a powerful tool in achieving this goal, providing valuable insights into the operations and revenue flows of the industry.
Ugochinyere said the report would not only enhance the understanding of the interconnectedness of these industries but also provide valuable insights that could drive strategic investments and policy decisions.
“The House of Representatives is fully committed to supporting NEITI’s mandate and ensuring that its recommendations are duly considered and implemented.
“Reports like this will definitely come handy to aid policy makers and Legislators in the direction to take. As a Committee, we are currently working on amending the NEITI Act to strengthen its legal framework and enhance its effectiveness.
“This we have demonstrated through a Bill seeking to amend the NEITI Act to provide that the NEITI Board shall not be subjected to interference from Government and for related matters (HB No. 1428).
“This Bill which I sponsored was read for the first time on June 6, 2024. We have also proposed a Bill which seeks to grant power to NEITI to recommend the prosecution of offenders.
“That is those who fail to cooperate with NEITI by providing documents, information and/or data required in the course of investigation) and be entitled to receive four per cent of the monies it recovers from any investigation it carries out,” he said.
He hoped that the report would not only present to all stakeholders a new world of information and data built on substance but would birth new reforms/policies that would give NEITI stronger powers to discharge its responsibility.
“Accordingly, we will be relying on the findings, recommendations and reports of NEITI within the oil and gas industry, to carry out the needed reform in the oil and gas industry,” he said.
Also speaking, Williams, who underscored the need for accurate data and information to avoid wrong accusations during prosecution called for collaboration in the sector for absolute reform.
“This is a call for action, you can capitalise on this report to hold people responsible of their actions.
“All hands must be on deck for increase in production. With this report, there is need for us to support NEITI, we at the Senate will continue to cooperate and work with NEITI to improve the sector.
“Let the Economic and Financial Crimes Commission (EFCC) and international community rely on this data for accuracy,” he said.(NAN)(
A.I
Sept. 27, 2024
Tags: NEITI NEITI 2022/2023 reports Rep. Ikenga Ugochinyere
