“We believe that the inconsistencies being thrown up by the startling revelations from the Minister of State for Petroleum Resources include some of the issues which the Petroleum Industry Governance Bill (PIGB) seeks to address and redress.”
Browsing: Nigerian Extractive Industry Transparency Initiative
The trace of the alleged missing fund believed to have been stolen and diverted to a foreign destination, was contained in the two documents submitted by the Nigerian National Petroleum Corporation (NNPC) at the committee’s sitting.
“Also note that the Nigerian Extractive Industry Transparency Initiative (NEITI), in its 2014 Nigerian oil and gas report, disclosed that in 2008, the Federal government, in its fiscal regime for the petroleum sector, set a penalty of $3.5 per 1000 SCF of gas flared by oil companies, observing, however that the companies have refused to comply with the directive.”
