18 November 2016, Lagos – President Muhammadu Buhari on Friday challenged members of the newly inaugurated boards in the Ministry of Petroleum Resources to ensure decency and transparency in the management of the nation’s oil industry.
The inaugurated boards included the Nigerian National Petroleum Corporation, Nigerian Content Development and Monitoring Board and Nigerian Nuclear Regulatory Authority.
He said the boards, which would be chaired by the Minister of State, Petroleum Resources, Dr Emmanuel Ibe Kachikwu, should advise the minister and the corporations’ management on the most effective ways for Nigeria to get value for money from its assets.
He said, “Oil and gas are the country’s foreign exchange earners. Therefore, the importance of these boards cannot be over emphasised. Your job should be to ensure propriety in management of these most vital national institutions
“You should advise the Minister and the Corporations’ management on the most effective way for Nigeria to get value for money from our assets.
“My expectations from the members of the boards is for them to ensure that NNPC charts a way to face current economic challenges.
“This will involve a careful look at the ongoing reforms designed to steer the corporation to achieve better performance and efficiency.”
Buhari further stressed the need for the new NNPC board to come up with innovative ways of addressing the constraints in funding Joint Venture projects between the corporation and international oil companies as well as other investment issues.
According to him, his administration has introduced transparency in the management of the country’s oil industry through the monthly publishing of operational and financial reports of the NNPC.
The President expressed optimism that with the members’ experience and knowledge, the country’s aspiration in the oil industry would be achieved within a reasonable time frame.
Responding, the Chairman of the inaugurated boards, Kachikwu assured that they would ensure transparency and accountability in running the affairs of the boards.