Nigeria Extractive Industries Transparency Initiative (NEITI) Executive Secretary Adio Waziri touched raw nerves when he said more than 50 per cent of the problems in the oil and gas industry were traceable to the Nigerian National Petroleum Corporation (NNPC) because it is both a regulator and a commercial player.
“You can even say the NNPC is the government; the difference between the government and the NNPC is yet to be clearly defined,” Waziri said, in his presentation of the findings of NEITI’s audit report on the oil and gas industry.
According to him, the audit report was to ensure that the income made from the sector was used to develop the sector and build the economy.
The NEITI boss also said it was to ensure that income from the sector was invested in the people to increase their productive capacity as well as turn the nation to a reproductive rather than extractive economy. Read more