Oil&gas: Stakeholders advocate transparency, accountability in upstream sector

Omeiza Bilal

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Barr. Victor Muruako said on Monday that meaningful and effective stakeholders’ engagement remains the critical engine for achieving efficiency, transparency and accountability in the upstream sector of the oil and gas industry.

Muruako said that with global energy transitions underway and regulatory frameworks continually evolving, it is absolutely crucial to enhance governance mechanism that not only foster responsible resource management and equitable revenue distribution but also to ensure sustainable industry practice.

He said, “This petroleum sector is without doubt the backbone of our national economy contributing majority of governance revenue and foreign exchange earnings, however, it has historically been an area susceptible to opacity, poor reporting and management challenges”

”This workshop provides a strategic opportunity to reflect on progress and rigorously identify areas for fundamental improvements”

He explained that to sustain the positive trajectory of the oil sector to national development also demands a collective and urgently address persistent challenges such as security risks and fully integrate environmental social and governance standards into the second operations.

In his opening remarks, the Chairman, House Committee on Petroleum Resources (Upstream) Hon, Alhassan Ado Doguwa, said the upstream petroleum sector remains central to Nigeria’s economic stability.

“Its revenues influence our national planning, its operations affect host communities, and its governance determines investor confidence.

”We share in strengthening oversight and advancing accountability in the nation’s oil and gas industry,” he said.

According to him, it is therefore essential that the National Assembly continues to build strategic partnerships with institutions such as the Fiscal Responsibility Commission, as well as regulators, operators, civil society, and our host communities.

“We welcome the perspectives the Fiscal Responsibility Commission will be sharing today, particularly in the area of oil governance, fiscal discipline, revenue transparency, and accountability frameworks. Our sector cannot achieve its full potential without strong governance structures that close leakages, improve institutional coordination, and safeguard the nation’s economic interests.”