FG reaffirms commitment to transparency in oil, gas sector

[Mirror]

The Federal Government of has reaffirmed its commitment to the implementation of Extractive Industries Transparency Initiative in the oil, gas and mining sectors of the economy.

President GoodLuck Jonathan gave the assurances in Sydney, Australia while addressing the 6th global Conference of the Extractive Industries Transparency Initiative.

The Nigerian Extractive Industries Transparency Initiative, NEITI which confirmed the development in a statement stated in a statement that the Conference which had Beyond Transparency as its theme is held every two years to review the impacts of extractive industries implementation in resource –rich member countries, a market for ideas from governments, companies and the civil society.

It quoted the President who was represented by the Minister of Mines and Steel Development, Arch Musa Mohammed Sada as explaining that the interventions of the Nigeria Extractive Industries transparency Initiative on issues of accountability and good governance of the sector in Nigeria informed government's decision to introduce the Petroleum Industry Bill to the National Assembly for passage into law.

He said: "The draft legislation provides for sound policy, legal and regulatory frame works upon which the reform initiatives in Nigeria's petroleum industry will be driven. For this to happen, the PIB has deliberately made sufficient provisions to strengthen the role of NEITI and deepen the extractive industries transparency initiative process".

National Mirror