1.12.2025
The Fiscal Responsibility Commission (FRC) has reaffirmed its commitment to enhancing transparency and achieving a robust accountability in the nation’s oil and gas industry.
The Executive Chairman of the commission, Victor Muruako, emphasised the commitment on Monday in Abuja, at a one-day legislative stakeholders workshop.
Mr Muruako said that the workshop, with the theme “Legislative-Stakeholders’ Synergy for a Transparent and Accountable Upstream Petroleum Sector,”was aimed at strengthening governance in the sector and improving fiscal responsibility across government institutions.
He called for stronger collaboration to deepen transparency and accountability in the sector, adding that effective collaboration would drive responsible resource use, equitable revenue sharing and sustainable industry practices.
According to him, transparency and accountability remain core mandates of the commission.
He said, “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.”
The FRC chairman described the oil and gas sector as the backbone of Nigeria’s economy, adding that it still faced opacity, weak reporting and management challenges.
He said that the workshop would offer an opportunity to assess progress and identify urgent reforms needed to strengthen the sector.
According to him, recent reforms championed by President Bola Tinubu have boosted growth momentum in the industry.
He said the Petroleum Industry Act had improved transparency, streamlined governance and revived foreign investment interest.
He said that experts at the workshop would assess existing laws, highlight global best practices and enhance cooperation among stakeholders.
A policy brief on the legislature’s governance of the petroleum sector was unveiled and presented during the meeting.
Mr Muruako said that the brief would identify legal gaps and suggest actionable measures to strengthen transparency and accountability and ensure 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.
He urged the participants to engage actively and contribute ideas that would produce lasting solutions for the petroleum industry.
The chairman said that collective effort could deliver sustainable reforms and ensure responsible management of national resources.