EU delegation explores collaborations with Reps Public Accounts Committee

A high-ranking delegation from the European Union (EU) in conjunction with the Nigerian Extractive Industry Transparency Initiative (NEITI) visited the Nigerian House of Representatives Public Accounts (PAC) today on a relationship discussion to improve transparency and accountability in the oil sector, particularly in the Niger Delta.

The delegation led by Jorge Shepherd, said the mission was to explore areas of potential collaboration aimed at strengthening oversight mechanisms with the Niger Delta in particular and the entire extractive industry as a whole.

The visit is part of the EU’s ongoing efforts to support Nigeria in tackling corruption and improving governance within its oil industry.

Receiving the delegation, Chairman of the Committee, Rep. Bamidele Salam said the time for all hands to be on the deck is now and there is every need for the country to imbibe the culture of accountability, transparency, due process in contract awards as well as remittances of the accrued revenue to the federation.

Rep. Salam who took time to explain the mandate, composition and the modus operandi of the committee said, since assumption of duty, members and staff of the committee have been exposed to several trainings and capacity building initiatives which have impacted positively on their performance on the duty.

Discussions centered around enhancing financial transparency, ensuring proper auditing of oil revenues, and fostering greater accountability in resource management across Nigeria, a country long plagued by environmental degradation, corruption, and economic inequality in the administration of the extractive industry.

“The general concerns of transparency in the oil and gas industry is a very deep concern that we all share especially working in parliament. The truth is that even before NEITI, there had been concerns raised as to whether there is enough disclosure and capacity on the part of these regulatory agencies such as the NNPC.

“We have seen some gaps in some of the regulatory authorities even in the Petroleum Industry Act (PIA) in its initial stage. As a result of lack of proper structure, there are many agencies doing the same thing. …We are worried because oil is the mainstay of our economy”, Rep. Salam stated.

Mr. Shepherd emphasized the importance of transparency in resource management, stating, noting that delegation is committed to supporting Nigeria’s efforts to build a more accountable and transparent oil sector.

According to him, by working together, efforts will be harmonized to address the challenges of mismanagement and improve the living conditions for communities.

The Chairman of the Public Accounts Committee, Rep. Salam who welcomed the EU’s support also expressed optimism about the potential for future collaboration.

He highlighted the critical role of the PAC in scrutinizing government spending and ensuring that oil revenues are used effectively for the benefit of Nigerians.

The meeting also addressed the need for capacity building within Nigerian institutions to better monitor oil revenue flows, as well as the role of holding both government and oil companies accountable.

Both parties expressed a shared commitment to fostering a more transparent and accountable oil sector that benefits all Nigerians, particularly those areas where extractive activities are carried out.

Further engagements and collaborative initiatives are expected to be announced in the coming months.

More images from the visit:

Courtesy: BS-E4 & PAC MEDIA