Buhari: Transparency in NNPC evidence we’re ending corruption in oil sector

President Muhammadu Buhari says the transparency now incorporated in the operations of the Nigerian National Petroleum Commission (NNPC) is a sign of ending corruption in the petroleum industry.

In June, NNPC published its first audited financial statements after 43 years of operation.

Speaking at the virtual presentation of four books written by Ibe Kachikwu, a former minister of state for petroleum resources, Buhari said his administration has curbed corruption in the oil sector.

The books are titled; Nigerian Petroleum Industry: 2015 to the future; Nigerian Law of Contract: Study Companion; Gas Development in Nigeria: Legal and Policy Framework, and Nigerian Foreign Investment Law and Policy.

The president commended Kachikwu for laying the groundwork, which resulted in the ongoing reforms of the corporation.

“When we were elected into office in 2015, the industry was in a very dire situation worsened by a backlog of joint venture (JV) cash call arrears,” he said.

“The industry was in need of reforms to attract more investments and attract the needed revenue to support the nation’s economic growth.

“As a new administration, we needed to act fast to address the declining prospects of the industry and aggressively drive economic recovery and improve the country.

“The current transparency and accountability drive in the NNPC is a good indication of the success of our administration’s effort in stemming corruption and sharp practices in the petroleum industry.”

Buhari said the petroleum industry bill (PIB), if passed, will consolidate the administration’s effort in the sector.

“Substantial settlement of backlog of cash call arrears has been achieved, which has enhanced the investment appetite of our joint venture partners and other prospective investors,” he said.

“We are making progress towards the passage of the necessary legislation to further support the growth of the industry, attract more investments, create jobs for millions of our youths and strengthen the Nigerian economy.

“We are committed to monetising our huge gas resources through the national gas expansion programme to support national economic diversification and job creation.”