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NNPC revenue hits N578 79bn, as trading surplus rises by 314%

NIGERIA AND PETROLEUM PRODUCTS SMUGGLING

The petroleum downstream industry lacks transparency which creates an environment for smuggling, writes Oghenegare Eyankware · Since the inception of oil and gas exploration and production in Nigeria, there has been lack of availability of reliable data of its operation in public domain. There is the perception amongst stakeholders that the transactions of the industry are shrouded in secrecy and in instances where data is released, it is usually viewed as distorted to suit government narratives. · This has consequently created an atmosphere of distrust between citizens and government. For example, Nigerian National Petroleum Corporation (NNPC), the government institution mandated to supervise Nigeria’s oil and gas industry is usually regarded as the “cash cow” of the government due to lack of timely and reconcilable publication of its oil and gas transaction details for sake of transparency and accountability. Selected examples of such shrouded transactions include untimel

Buhari s govt struggles with oil industry promises 5 years after

These promises were collated from the APC policy document and manifesto, Buhari’s 100 days covenant, speeches at campaign rallies and town hall meetings nationwide in a runoff to the 2015 election. Addressing the challenges formed the bedrock of a road map for the industry called the “7 Big Wins” which was launched by the president in October 2016. The campaigns then were based on the ‘Change’ mantra. However, even on the ‘Next Level’ agenda which is already more than one year, the administration is still grappling to fulfill these promises. The 7 Big Wins are Policy & Regulation, Business Environment & Investment Drive, Gas Revolution, Refineries and Local Production Capacity, Niger Delta & Security, Transparency & Efficiency, and Stakeholder Management and International Coordination.

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