Commission Reaffirms Commitment To Transparency, Accountability In Oil Industry

The Fiscal Responsibility Commission (FRC) has reaffirmed its commitment to enhancing transparency and achieving a robust accountability in the nation’s oil and gas industry.

The executive chairman of the commission, Dr Victor Muruako, emphasised the commitment on Monday in Abuja, at a one-day Legislative Stakeholders Workshop on Synergy for a Transparent and Accountable Upstream Petroleum sector.

Muruako said that the workshop, with the theme, “Legislative-Stakeholders’ Synergy for a Transparent and Accountable Upstream Petroleum Sector” was aimed at strengthening governance in the sector and improving fiscal responsibility across government institutions.

He called for stronger collaboration to deepen transparency and accountability in the sector, adding that effective collaboration would drive responsible resource use, equitable revenue sharing and sustainable industry practices.

According to him, transparency and accountability remain core mandates of the commission.

“The FRC is strongly committed to prudent and responsible management of national resources.

“Stakeholder synergy is vital as Nigeria navigates evolving global energy dynamics and works to strengthen governance systems in the petroleum industry,” he said.

The FRC chairman described the oil and gas as the sector was the backbone of Nigeria economy, adding that it still faced opacity, weak reporting and management challenges.

He said that the workshop would offer an opportunity to assess progress and identify urgent reforms needed to strengthen the sector.

According to him, recent reforms championed by President Bola Tinubu have boosted growth momentum in the industry.

He said the Petroleum Industry Act had improved transparency, streamlined governance and revived foreign investment interest.

He said that experts at the workshop would assess existing laws, highlight global best practices and enhance cooperation among stakeholders.

The News Agency of Nigeria (NAN) reports that a Policy Brief on the legislature’s governance of the petroleum sector was unveiled and presented during the meeting.

Muruako said that the brief would identify legal gaps and suggest actionable measures to strengthen transparency, accountability, and ensure that oil revenues are well managed and fairly distributed for the benefit of Nigerians.

He acknowledged the role of anti-corruption agencies and civil society groups in advancing transparency in the extractive sector.

He urged the participants to engage actively and contribute ideas that would produce lasting solutions for the petroleum industry.

The chairman said that collective effort could deliver sustainable reforms and ensure responsible management of national resources.

He commended the House Committee on Petroleum Resources (Upstream) for supporting legislation and oversight that promote sustainability in the oil and gas industry.

The chairman, House Committee on Petroleum Resources (Upstream), Alhassan Doguwa, said that the sector remained central to national planning, community welfare and investor confidence.

Doguwa, who was represented by a member of the committee,  Khafila Okpara, however, said that the sector required strong partnerships with regulators, operators and civil society.

He commended the FRC for championing accountability, adding that governance reforms must close leakages, improve institutional coordination and enhance transparency.

He said that the committee was working on a bill to establish a commission for decommissioning aging oil and gas installations.

The chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, said that the workshop underscored the need to strengthen transparency, accountability and efficiency in the extractive sector.

Aliyu, who was represented by the special assistant on Regulatory Compliance in the commission, Francis Usani, said that governance reforms were crucial for improving operations and attracting foreign investments.

He said that stronger oversight, clearer performance indicators and improved data management would enhance efficiency and ensure better fiscal responsibility in the oil and gas sector.

He urged participants to contribute constructively to deepen fiscal discipline and good governance in the sector.