Abuja: The Fiscal Responsibility Commission (FRC) has reaffirmed its commitment to enhancing transparency and achieving robust accountability in the nation’s oil and gas industry. Dr. Victor Muruako, Executive Chairman of the commission, emphasised this commitment during a one-day Legislative Stakeholders Workshop on Synergy for a Transparent and Accountable Upstream Petroleum sector.
According to News Agency of Nigeria, Muruako stated that the workshop, themed ‘Legislative-Stakeholders’ Synergy for a Transparent and Accountable Upstream Petroleum Sector,’ aims to strengthen governance in the sector and improve fiscal responsibility across government institutions. He called for stronger collaboration to deepen transparency and accountability, highlighting that effective collaboration would drive responsible resource use, equitable revenue sharing, and sustainable industry practices.
Muruako reiterated that transparency and accountability remain core mandates of the commission. He noted, “The FRC is strongly committed to prudent and responsible management of national resources. Stakeholder synergy is vital as Nigeria navigates evolving global energy dynamics and works to strengthen governance systems in the petroleum industry.” He described the oil and gas sector as the backbone of the Nigerian economy, which still faces opacity, weak reporting, and management challenges.
The workshop offered an opportunity to assess progress and identify urgent reforms needed to strengthen the sector. Muruako mentioned that recent reforms championed by President Bola Tinubu have boosted growth momentum in the industry. The Petroleum Industry Act has improved transparency, streamlined governance, and revived foreign investment interest. Experts at the workshop would assess existing laws, highlight global best practices, and enhance cooperation among stakeholders.
NAN reports that a Policy Brief on the legislature’s governance of the petroleum sector was unveiled and presented during the meeting. Muruako stated that the brief would identify legal gaps and suggest actionable measures to strengthen transparency and accountability, ensuring that oil revenues are well managed and fairly distributed for the benefit of Nigerians. He acknowledged the role of anti-corruption agencies and civil society groups in advancing transparency in the extractive sector and urged participants to engage actively and contribute ideas for lasting solutions in the petroleum industry.
The chairman commended the House Committee on Petroleum Resources (Upstream) for supporting legislation and oversight that promote sustainability in the oil and gas industry. Alhassan Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), stated that the sector remains central to national planning, community welfare, and investor confidence. Represented by Mrs. Khafila Okpara, a committee member, Doguwa emphasized the need for strong partnerships with regulators, operators, and civil society.
He commended the FRC for championing accountability and noted that governance reforms must close leakages, improve institutional coordination, and enhance transparency. The committee is working on a bill to establish a commission for decommissioning aging oil and gas installations.
Dr. Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stated that the workshop underscored the need to strengthen transparency, accountability, and efficiency in the extractive sector. Represented by Mr. Francis Usani, Special Assistant on Regulatory Compliance in the commission, Aliyu highlighted that governance reforms are crucial for improving operations and attracting foreign investments. He urged participants to contribute constructively to deepen fiscal discipline and good governance in the sector.