The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for a speedy passage of the Petroleum Industry Bill, saying it is the only way to end the confusion associated with auditing in the oil and gas sector.
At a forum organised by NEITI in Enugu on Monday, stakeholders lamented the irregularities arising from the audited reports of the extractive sector of the economy and stated that the inability to institute acceptable ways of transaction had slowed down the process of accountability in the sector.
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for a speedy passage of the Petroleum Industry Bill, saying it is the only way to end the confusion associated with auditing in the oil and gas sector.
At a forum organised by NEITI in Enugu on Monday, stakeholders lamented the irregularities arising from the audited reports of the extractive sector of the economy and stated that the inability to institute acceptable ways of transaction had slowed down the process of accountability in the sector.
The stakeholders urged the National Assembly to expedite action on the proposed legislation, which they said would “instil financial accountability.”
The Executive Secretary, NEITI, Mrs. Zainab Ahmed, however, said that the PIB should include a clear requirement for operators in the sector to conform to the tenets of transparency, accountability, good governance and due process as enshrined in the organisation’s Act.
Presenting the audited report of the oil and gas sector for 2006 to 2008 to the public, Ahmed said NEITI was looking forward to a PIB that would ensure fiscal regimes and guaranteed higher revenues for government as well as reasonable profits for the oil companies.
On the benefits of independent auditing, she said it was a tool to rebuild the country and create social harmony and better business environment.
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