Boost Transparency, Accountability In Nigeria’s Petroleum Industry Now

[Shola Sholaz]

Recently, the Honourable Minister of Petroleum Resources, Mrs Diezani Alison-Madueke ordered an immediate investigation into the management of 445,000 BPD domestic crude purchase by the Nigeria National Petroleum Corporation (NNPC) and remittance to the Federation Account.
.
This is a welcome development; however, the government should act now rather than wait for the report of the investigation or the passage of the Petroleum Industry Bill – since the country is losing billions of naira daily.
.
Albeit, the recent oil subsidy scandal, Nigeria's oil and gas resources management are still shrouded in secrecy and corruption. This development shows how a few conspire against economic development and hinders the lives of over 160 million citizens from economic transformation.