BudgIT calls for reforms to curb massive losses in NNPC 

Following the publication of the audited accounts of the Nigerian National Petroleum Corporation (NNPC),  subsidiaries and business divisions for the first time in years, BudgIT, a data analytics and transparency firm, has called for a reform of the corporation, to curb the losses recorded by some of its subsidiaries.

This was even as it commended the launch of the OpenData segment on the corporation’s website saying this would help promote transparency in its financial activities.

The firm in a statement issued and signed by its Communications Associate, Iyanu Fatoba, said financially viable and transparent NNPC became imperative as the government still largely depends on revenue from oil to finance its budgets.

“Over the years, BudgIT has consistently requested that the NNPC should make its audited report available to citizens in addition to publishing its monthly, financial and operations reports to further ensure transparency and accountability,” it read.

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The statement also quoted the Project Officer BudgIT’s Extractive Department, Adejoke Akinbode as urging Nigerians to carefully study the report and ask questions.

“Launching an OpenData segment on its official website is a very commendable step by the NNPC. We encourage Nigerians to download the audit reports and other data put up by NNPC, study them, and ask questions.”

It further stressed that: “For the past four years, BudgIT, through the Extractives Consultative Forum and with support from the Natural Resource Governance Institute (NRGI), has been engaging key oil and gas stakeholders annually; including officials from Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, Ministry of Petroleum Resources, Civil Society Organisations and private individuals.

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