By Vivian Emoni
The Fiscal Duty Fee (FRC) has reaffirmed its dedication to enhancing transparency and attaining a strong accountability within the nation’s oil and fuel business.
Dr Victor Muruako, Govt Chairman of the fee, emphasised the dedication on Monday in Abuja, at a one-day Legislative Stakeholders Workshop on Synergy for a Clear and Accountable Upstream Petroleum sector.
Muruako mentioned that the workshop, with the theme, “Legislative-Stakeholders’ Synergy for a Clear and Accountable Upstream Petroleum Sector” was geared toward strengthening governance within the sector and bettering fiscal duty throughout authorities establishments.
He referred to as for stronger collaboration to deepen transparency and accountability within the sector, including that efficient collaboration would drive accountable useful resource use, equitable income sharing and sustainable business practices.
Based on him, transparency and accountability stay core mandates of the fee.
“The FRC is strongly dedicated to prudent and accountable administration of nationwide sources.
“Stakeholder synergy is significant as Nigeria navigates evolving international vitality dynamics and works to strengthen governance techniques within the petroleum business,” he mentioned.
The FRC chairman described the oil and fuel sector because the spine of Nigerian economic system, including that it nonetheless confronted opacity, weak reporting and administration challenges.
He mentioned that the workshop would provide a possibility to evaluate progress and establish pressing reforms wanted to strengthen the sector.
Based on him, current reforms championed by President Bola Tinubu have boosted development momentum within the business.
He mentioned the Petroleum Business Act had improved transparency, streamlined governance and revived overseas funding curiosity.
He mentioned that specialists on the workshop would assess present legal guidelines, spotlight international greatest practices and improve cooperation amongst stakeholders.
The Information Company of Nigeria (NAN) stories {that a} Coverage Transient on the legislature’s governance of the petroleum sector was unveiled and offered in the course of the assembly.
Muruako mentioned that the temporary would establish authorized gaps and counsel actionable measures to strengthen transparency, accountability, and be sure that oil revenues are effectively managed and pretty distributed for the advantage of Nigerians.
He acknowledged the function of anti-corruption companies and civil society teams in advancing transparency within the extractive sector.
He urged the contributors to interact actively and contribute concepts that will produce lasting options for the petroleum business.
The chairman mentioned that collective effort may ship sustainable reforms and guarantee accountable administration of nationwide sources.
He recommended the Home Committee on Petroleum Assets (Upstream) for supporting laws and oversight that promote sustainability within the oil and fuel business.
The Chairman, Home Committee on Petroleum Assets (Upstream), Alhassan Doguwa, mentioned that the sector remained central to nationwide planning, group welfare and investor confidence.
Doguwa, who was represented by Mrs Khafila Okpara, a member of the committee, nevertheless, mentioned that the sector required sturdy partnerships with regulators, operators and civil society.
He recommended the FRC for championing accountability, including that governance reforms should shut leakages, enhance institutional coordination and improve transparency.
He mentioned that the committee was engaged on a invoice to determine a fee for decommissioning growing old oil and fuel installations.
The Chairman, Impartial Corrupt Practices and Different Associated Offences Fee (ICPC), Dr Musa Aliyu, mentioned that the workshop underscored the necessity to strengthen transparency, accountability and effectivity within the extractive sector.
Aliyu, who was represented by Mr Francis Usani, Particular Assistant on Regulatory Compliance within the fee, mentioned that governance reforms had been essential for bettering operations and attracting overseas investments.
He mentioned that stronger oversight, clearer efficiency indicators and improved knowledge administration would improve effectivity and guarantee higher fiscal duty within the oil and fuel sector.
He urged contributors to contribute constructively to deepen fiscal self-discipline and good governance within the sector. (NAN)(www.nannews.ng)
Edited by Kadiri Abdulrahman
