N’assembly to address transparency in oil sector with parliamentary forum

SENATE and House of Representatives committees on extractive industries have concluded arrangements to address the challenges of transparency and accountability in the oil sector through a parliamentary forum.

Initiated by the Nigeria Extractive Industries Transparency Initiative (NEITI), the move is aimed at achieving coordinated legislative actions on the implementation of remedial issues identified by NEITI’S independent audit reports.

Executive Secretary of NEITI, Waziri Adio, yesterday said the decision to set up the parliamentary forum was part of resolutions reached at a retreat in Lagos for members of the National Assembly on implementation of Extractive Industries Transparency Initiative (EITI) in the country.

The proposed parliamentary forum would help to coordinate the various committees in addressing remedial issues in NEITI reports, he said, adding that the forum will also promote and strengthen intra-legislative committee relations, engagements and outreach on important issues that require urgent legislative intervention and advocacy.

He, however, disclosed that the industry watchdog has expanded its operations in the oil and gas industry to cover commodity trading.

With the development, NEITI would monitor activities of agencies, marketers and crude oil traders, particularly in marketing contracts and related agreements, process of income transfer from sales of equity crude, lifting and other transactions.

Adio, who was represented by Director of Communications and Advocacy, Orji Ogbonnaya Orji, explained that the decision to move into commodity trading was in line with NEITI’S mandate and in compliance with EITI’S 2016 global standards.