Nigerians have for a long time been asking the Nigerian National Petroleum Company Limited to disclose the amount of barrels of oil it produces and exports daily.
In this aspect, the NNPCL has failed to be transparent and accountable to Nigerians.
Crude oil production is the major machinery through which Nigeria generates revenue, yet Nigerians do not know the volume of crude produced and exported daily.
Nigerians are becoming more concerned with the way the Nigerian National Petroleum Company Limited (NNPCL) is running things.
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Since President Bola Tinubu announced the removal of the fuel subsidy a few months ago, the NNPCL, ought to have remitted a substantial amount to the government’s purse.
As the NNPCL no longer has to pay fuel subsidies to importers of fuel.
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One of the factors influencing this agitation for transparency and accountability was the allegation made by the former governor of the Central Bank, Sanusi Lamido Sanusi.
Sanusi, alleged that the NNPCL was failing to remit enough foreign exchange into the treasury despite the removal of fuel subsidy, asking: “Where is the money?”.
Since Nigerians do not even know how many barrels of crude oil the NNPCL produces and exports per day, it becomes difficult to know how much the agency makes.
Not Good Enough
This is why the Socio-Economic Rights and Accountability Project (SERAP) is asking the Group CEO of NNPCL Mele Kyari to publish details of what NNPCL has produced and generated since May 2023.
SERAP also asked Kyari to tell Nigerians how much NNPCL had remitted to the public treasury since May 2023, when the subsidy on fuel was abolished
“Opacity in the amounts of barrels of oil the country produces and exports daily, the revenues generated and remitted to the public treasury is not good enough.
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“Transparency would ensure that the revenues are not diverted into private pockets, and increase public trust that the money would be used to benefit Nigerians.”
The NNPCL has a legal responsibility to promote transparency and accountability in the barrels of oil the country produces and exports every day.
It also has the responsibility of ensuring that the revenues generated from such production and exportation are dully remitted to the public treasury.
