Business
Oil Sector: ACLSD Boss Harps On Transparency
The Executive Director,
African Centre for Leadership, Strategy and Development (ACLSD), Dr Otive Igbuzor, has called for more transparency in the oil and gas sector to boost government revenue.
Igbuzor made the call last Tuesday in Abuja while speaking with journalist.
He decried the corruption and lack of transparency in the sector and called for institutional reforms and quick passage of the Petroleum Industry Bill (PIB) in order to reposition the sector.
“There is so much corruption and lack of transparency in the oil and gas sector and this is adversely affecting the economy of the nation.
“We need to put in place stringent laws and ensure that the Petroleum Industry Bill is quickly passed into law because the economic stability of our country depends on it,’’ Igbuzor said.
He said the PIB, when enacted, would help put in place a fiscal framework that would attract more investment to the sector.
Igbuzor said that corruption and weak institutions were responsible for the high level of oil theft and pipeline vandalism in the country.
He urged the Federal government to evolve comprehensive approach involving the security agencies, oil companies and host communities in the fight against the menace.
Igbuzor urged the media and civil society organisations to continue to champion the need for transparency and accountability in the sector.
He said the ACLSD was already working with both local and international non-governmental organisations to put the issue of transparency and efficiency in the sector as top priority.