The All Progressives Congress Presidential Campaign Organisation (APCPCO) has assured that General Muhammadu Buhari (retd.) will lift the veil of secrecy and shadiness that has enveloped the transactions of the Nigeria National Petroleum Corporation (NNPC) if he is elected into office in the February 14 presidential election.
A press statement from the Directorate of Media and Publicity of the campaign in Abuja on Tuesday said it is now evident that the reason the country’s economy comes under heavy shock any time there is instability in the global oil market is because of corruption and lack of transparency and honesty in the way the state-owned NNPC is run.
The statement signed by Mallam Garba Shehu, Director of Media and Publicity of the campaign, therefore, gave the assurance that if elected into office next month, an APC-led government will promote credible book-keeping in the day-to-day workings of the NNPC.
“To create a level playing field for all operators and investors in the oil and gas industry, there is an urgent need to have a clear and transparent regulatory and fiscal framework for the upstream, midstream and downstream activities”, he said.
According to the statement, for about fourteen years, the petroleum sector has undergone several reforms to bring its operations – legal, regulatory and organizational framework – in line with international best practices.
The APC Campaign, however, regretted that in spite of the huge human and financial resources that have been expended on these reforms, not much has been realised as a result of lack of commitment and political will of the Jonathan administration.
The APC Campaign said that to shore up the nation’s capacity to absorb any shock arising from the flexibility in the global oil and gas market, Buhari will ensure the following reforms: comprehensive review of the entire petroleum revenue collection and reporting system to ensure full disclosure and accountability to Nigerians; create a level playing field for all investors, operators and service providers in the oil and gas sector and reduce wastage and improve efficiency to ensure maximization of government revenue.