Monday, September 8, 2025
23.9 C
Lagos

BudgIT Charges Buhari to Prioritise Oil Sector Reform

President Buhari

Following the outcome of the Presidential Election, which returned President Muhammadu Buhari to Aso Rock, BudgIT calls on the Buhari government to assign a higher priority to oil and gas sector reforms in the second phase of the administration.

Recall that President Buhari rejected last August the Petroleum Industry Governance Bill (PIGB) passed by the National Assembly after 16 years of back and forth.

Needless to reiterate, the PIGB would liberalise the governance structure of the oil industry, strengthen institutions and entrench transparency. For these critical reforms, we ask that the Bill should be reconsidered.

Also demanding dire attention is the issue of beneficial ownership. BudgIT notes that a lot of oil companies seem to operate under fake identities.

A lasting example is the case of Malabu Oil Scandal in which Dan Etete, petroleum minister under the Abacha regime, acquired “OPL 245” through Malabu Oil and Gas Limited, a camouflage of his personal company, to perpetuate one of the biggest frauds in the history of Nigeria’s oil sector.

Besides, our analysis of NEITI’s last audit report revealed: Losses arising from crude oil theft and sabotage in the upstream and downstream sectors amounted to $869.02 million and $3.55 billion respectively in 2016.

“If properly structured back into the economy, the whopping amount that goes down the drain, courtesy of these lapses, will go a long way in contributing to the economic recovery and growth plan of the government,” noted Gabriel Okeowo, BudgIT’s Principal Lead.

Lack of transparency and accountability remains the biggest challenge in the oil and gas sector. To solve this, ensuring capacity building as well as the development of effective business models that are profit-driven, calls for decisive reforms can no longer be ignored.

Moreso, we strongly believe that the reforms will go a long way in enhancing good governance and processes that are flexible to the peculiarities of Nigeria’s oil and gas industry.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

NCC Receives Cybersecurity Award, Seeks Safer Internet Usage

L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Mr....

FBN Holdings Reports N595bn Earnings in 2017

Mr. UK Eke Group Managing Director FBN Holdings Plc FBN Holdings Plc...

Great Nigeria Insurance Targets Sustainable Performance, Profitability in 2022

Great Nigeria Insurance Plc is a composite underwriting firm...

AfDB Unveils ‘New Deal for Energy in Africa’

The African Development Bank Group (AfDB) unveiled its landmark initiative to solve Africa’s huge energy deficit by 2025 at a High Level Stakeholder Consultative Meeting attended by business and political leaders at its headquarters in Abidjan. The “New Deal for Energy in Africa,” which charts the way for a transformative partnership on energy focuses on mobilising support and funding for the initiative from five key areas.

Access Bank Partner Energy Stakeholders on Actions to Achieving Net-Zero Emissions

L-R:  Abubakar Sani Sambo, Chairman Board of Trustees, Renewable...

If Rotimi Amaechi Will Be Nigeria’s President…

BY KENI AKINTOYE One of the greatest successes of any...

FBN Holdings Leverages NGX Invest for N150bn Rights Issue

FBN Holdings Plc’s N150 billion rights issue has gone...

Forex MasterClass Course Opens in Lagos Sept 9

For Participation: Contact: Lagos Capital Group: Phone: 234(0)8035180508 or...
spot_img

Related Articles

Popular Categories

spot_imgspot_img