The Senate Committee on Public Accounts has announced plans to conduct a special legislative oversight and public hearing on Nigeria’s oil and gas industry audit reports covering the 2021, 2022 and 2023 fiscal years.
The exercise, scheduled for August, would focus on findings contained in reports by the Nigeria Extractive Industries Transparency Initiative (NEITI), particularly issues relating to revenue generation, payments, remittances and financial obligations within the extractive sector.
Chairman of the committee, Senator Ibrahim Dankwambo, disclosed this in a notice on Thursday, saying the hearing would form part of the Senate’s constitutional mandate to ensure transparency and accountability in the management of public resources.
He cited the committee’s powers under Sections 88, 89 and 85(5) of the 1999 Constitution (as amended), as well as relevant provisions of the Senate Standing Orders.
Dankwambo said the hearing would assess the level of compliance by ministries, departments and agencies (MDAs), government-owned enterprises, regulatory institutions and oil and gas operators with existing laws guiding the sector.
The committee will examine adherence to the NEITI Act, Financial Regulations, Fiscal Responsibility Act and other relevant regulations governing Nigeria’s extractive industry.
According to him, the objective is to address concerns raised in the audit reports and strengthen transparency, revenue assurance and accountability in the oil and gas sector.
More than 50 government institutions and oil and gas companies have been invited to appear before the committee during the public hearing.
The Senate committee said the engagement would provide an opportunity to review industry practices and promote the prudent management of Nigeria’s natural resources.
