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Nigeria’s extractive industry serving interests of a few, says BudgIT

By Matthew Ogune, Abuja
25 January 2022   |   2:58 am
From BudgIT Foundation came a revelation that the Nigerian extractive industry has functioned as a pander used to cushion the needs of very few highly placed in the society.

BudgIT’s co-founder Olusegun Onigbinde

From BudgIT Foundation came a revelation that the Nigerian extractive industry has functioned as a pander used to cushion the needs of very few highly placed in the society.

Communications Associate, BudgIT, Iyanu Fatoba, who stated this yesterday in Abuja, said the body and three other African countries, have launched the FixOurOil website, a platform that provides citizens, Civil Society Organisations (CSOs) and the media with insights and data on the prevailing issues in the extractive industry to advance advocacy in Nigeria’s natural resource governance and sustainability.

Fatoba said: “Historically, the Nigerian extractive industry has functioned as a pander used to cushion the needs of very few highly placed in the society.

“This has not only disrupted transparency in the sector, but it has also resulted in limited resources for revenue generation and limited job opportunities for the citizens.

“This is not ideal for the operational activities of the oil and gas industry, thus, it is expedient for citizens to demand for a more effective resource governance in the sector using information uploaded on this platform.

“Likewise, data on this portal can be leveraged to improve the advocacy for beneficial ownership reforms, reforms within Nigeria’s State-Owned Enterprises, the review of legislatures governing the oil and gas sector, and the promotion of accountability in the revenue generation Extractive Industry.

“The platform also serves as a repository for BudgIT’s latest infographics, policy briefs, interactive videos, blog posts on the extractive industry, progress tracker for the Open Government Partnership (OGP) initiative and Petroleum Industry Act Implementation, as well as data segments that consist of simplified NNPC data from their monthly financial and operations reports.”

“This platform is advantageous for everyone. Users can access the latest information on the oil and gas sector, such as data on the number of barrels produced for a particular month, and sales, and loss accrued as a result of theft and operational accidents”, said Gabriel Okeowo, BudgIT’s Country Director, Nigeria.