BudgIT commends NNPC’s Laudable Step of publishing its 2018 Audited Report and launching the NNPC OpenData segment on its official website

June 16, 2020
22 Views

Advertisement  Ecobank Advert

BudgIT commends the Nigerian National Petroleum Corporation(NNPC) for publishing the

audited accounts of its subsidiaries and business divisions for the first time; and also

launching the OpenData segment on its website, as a measure to promote transparency in its

Advertisement  Roducate_Free Licenses_300x250

financial operations. There is no doubt that the Mele-Kyari led NNPC management has blazed

the trail by making the audited report of all NNPC’s subsidiaries available online.

For the past four years, BudgIT, through the Extractives Consultative Forum and with support

from the Natural Resource Governance Institute (NRGI), has been engaging key oil and gas

stakeholders annually; including officials from Nigerian National Petroleum Corporation,

NNPC, Department of Petroleum Resources, Ministry of Petroleum Resources, Civil Society

Organisations and private individuals. These engagements have centered on ways by which

the NNPC can become more transparent, assume, and maintain the status of a commercially

viable entity, as its consecutive losses are not sustainable in the long term.

A financially viable and transparent NNPC is pivotal to the Nigerian Economy as the

government still largely depends on revenue from oil to finance its budgets. Over the years,

BudgIT has consistently requested that the NNPC should make its audited report available to

citizens in addition to publishing its monthly financial and operations reports, to further

ensure transparency and accountability. In our last policy brief on NNPC reforms titled “NNPC: The burden of Africa’s Oil and Gas Giant”, making NNPC’s audit report public was one

of the 7 recommendations for reforms we put forward.

“Launching an OpenData segment on its official website is a very commendable step by the

NNPC. We encourage Nigerians to download the audit reports and other data put up by

NNPC, study them, and Ask Questions,” says Adejoke Akinbode, a Project Officer with

BudgIT’s Extractive Department.

While these are important steps regarding transparency, more still has to be done by the

Federal Government to reform the NNPC. “The Federal Government needs to reform the

NNPC to reverse the trend of the massive losses recorded by some of the NNPC subsidiaries,

annually. This audit report is a laudable step towards showing Nigerians the true picture of

what is going on in NNPC.” added Gabriel Okeowo, BudgIT’s Principal Lead.

Signed

Iyanu Fatoba

Communications Associate, BudgIT

You may be interested

BBNaija 2020: Ozo Clears Air On Kiddwaya’s Controversial Statement Concerning Nengi
News
1 views
News
1 views

BBNaija 2020: Ozo Clears Air On Kiddwaya’s Controversial Statement Concerning Nengi

Webby - September 22, 2020

Ozo and Kiddwaya Evicted Big Brother Naija housemate, Ozo, has refuted claims by Kiddwaya that he posed a threat to…

BBNaija 2020: Trickytee Reveals Housemate to Win N85 million
News
2 views
News
2 views

BBNaija 2020: Trickytee Reveals Housemate to Win N85 million

Webby - September 22, 2020

TrikyTee Evicted Big Brother Naija housemate, Trickytee, has revealed in a conversation with the host, Ebuka obi- Uchendu that he…

16-yr-old Boy Caught With Double-Barreled Gun In Anambra School
News
News

16-yr-old Boy Caught With Double-Barreled Gun In Anambra School

Webby - September 22, 2020

16-yr-old Boy Caught With a Double-Barreled Gun In Anambra School The Police in Anambra State have arrested a secondary school…

Leave a Comment

Your email address will not be published.