Civil Society Organizations (CSOs), under the auspices of Growth Initiatives for Budget Transparency (GIFT) Nigeria, have launched a Guidance Note to interrogate the Petroleum Industry Act (PIA) 2021.
Last year, President Muhammadu Buhari sign the Petroleum Industry Bill (PIB) 2021 into law.
The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, host community development and related matters.
The Mainstreaming Fiscal Responsibility in the Petroleum Sector note is the result of research conducted by OrderPaper Advocacy Initiative (OAI), a civic tech nonprofit focused on bridging the gap between citizens and parliament.
The release of the brief took place in Abuja during the week and attracted the participation of stakeholders from the petroleum and public finance sectors, including the leadership of the Fiscal Responsibility Commission (FRC) and the Nigerian Initiative for Extractive Industries Transparency (NEITI), according to a statement released by CSOs.
Speaking at the event, Oke Epia, Executive Director of OAI, said the policy paper questions the fiscal responsibility and responsiveness of the Petroleum Industry Act 2021 (PIA).
Victor Muruako, FRC President, represented by Charles Abana, Head of Legal Affairs and Enforcement, commended OAI and the cluster for working with other partners with a commendable brief.
Muruako said the recommendations in the document would guide the commission on how to mainstream fiscal responsibility in the oil sector.
“The prevalence of weak regulatory regimes has dire consequences for the fiscal health of the country and ultimately the standard of living of the Nigerian people,” he said.
For his part, Henry Adigun, oil and gas governance consultant, in his review of the policy brief, argued for better funding of the FRC to enable it to fulfill its enforcement mandate. on fiscal responsibility and macroeconomic stability.
Orji Ogbonnaya Orji, Executive Secretary of NEITI, represented by Chris Ochonu, Deputy Director, Advocacy and Communications, said the release of the policy brief is a valuable addition to the literature on oil industry reforms in the country. .
Orji added that NEITI is proud of the work OrderPaper has done in the industry.
The GIFT Nigeria project is funded by the United States Agency for International Development (USAID) with technical support from the Palladium Group.
Members of the OAI-led GIFT Nigeria cluster are the Center for Transparency Advocacy (CTA), the Nigerian Institute of Quantity Surveyors (NIQS), the Hipcity Innovation Center and the CLICE Foundation.