November 3, 2024

Group Identifies Non-Metering System as Major Cause of Loss of Revenue in Oil and Gas Sector

By Prudence Ijah, Abuja

The Executive Secretary, Nigerian Extractive Industry Transparency Initiative (NEITI), Waziri Adio, has reiterated the need for all stakeholders to step up their commitment in ensuring adequate metering services in the oil and gas sectors.

Waziri who was represented by the head of communication, Dr. Orji Ogbonnaya Orji, made this known in Abuja at a civil society engagement on improving metering infrastructure  in Nigeria.

Orji said, the demand for economic growth has called for greater collaboration between the government and it’s citizens in order to ensure proper revenue mobilization in the oil and gas sectors.

Waziri noted that there has been huge gap in the number and quantity of crude oil Nigeria as a country produces, hence the need to draw both national and international attention is key to tackling  this challenge, while seeking to achieving metering infrastructural development for best practices.

In his words “with oil prices dwindling, the need for Nigeria to account for what it produces is crucial. I don’t know any country that cant account for her oil production output and quantity of oil”.

Speaking on the dissemination of the study on Hydrocarbon metering measurement and Accounting Infrastructure in Nigeria Oil and Gas Industry, the Executive Director of Centre  for Legislative Study and Development Dr Otive Igbuzor said the study has led to the oil metering campaign which also has online presence via the various social media platforms.

Dr Otive said “when the oil metering campaign was formed, accounts for social media engagements was created both on Facebook and twitter and these accounts have helped to create more awareness on oil metering in the country”.

At the meeting, stakeholders admitted that poor metering system have denied the country of it’s natural endowment, thus making her the poorest of all Nations.

 

 

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