Concerns raised over potential disruptions in Oil and Gas sector

The Nigerian Transparency Initiative for Good Governance has brought attention to concerns to president Bola Tinubu  about potential disruptions in the oil and gas sector.

The organization, through a statement signed by its Executive Director, Sani Ahmad, and General Secretary, Henry Nwosu, has highlighted issues within the sector.

According to the statement, the group has noticed certain developments in the oil and gas industry that may affect decisions taken by the previous administration to boost the Nigerian economy and enhance global competitiveness.

The group expressed concern that at times, vested interests could hinder government decisions, which could have unintended consequences, including concerns among potential investors. The statement notes that the entire process, including approval by the Federal Executive Council (FEC) and the Federal Ministry of Finance, was carried out in compliance with due process as required by the Public Procurement Act of 2007.

It’s further stated that nine qualified companies were approved by the Federal Government for pre-shipment inspection, and they met the stipulated requirements, including establishing laboratories and offices in specific locations.

The group has raised concerns about the potential disruption of this foundation due to changes in the approval process. They appeal to those involved to reconsider their actions, emphasizing that it’s in the overall interest of the country and the ongoing efforts to revamp the economy.

The group believes that any reversal of the approvals and the introduction of new companies through unconventional means may harm the efforts to attract investors into the country, which President Bola Tinubu has actively pursued.

Additionally, a circular from the Minister of Finance’s office suggests that Monitoring and Evaluation Agents (MEAs) previously approved by the Federal Government are being replaced with new entities not part of the bidding process, raising concerns about transparency.

The group insists that this situation, where the new companies have not been remitting revenue to the federal government, should not be allowed to persist.

In conclusion, the group calls on President Bola Tinubu to investigate these issues and prevent any interference in matters that have already been settled.