NUPRC’s Demand For Full Disclosure Editorial
It is pertinent to stress that because the nation is richly endowed with oil, gas and mining, the sector holds enormous potential for boosting the country’s revenue. But lack of transparency has made it practically impossible for the nation to tap the full potential of this sector.
In the opinion of this newspaper, there is no better time than now for the nation to address these nagging issues considering the fact that Nigeria is facing a serious revenue challenge with debt servicing increasingly gulping a significant part of the available revenue. Even if not for the fact that Nigeria is a member of the global EITI, whose standards are implemented by NEITI, the federal government needs to accord priority to these concerns because of the huge revenue loss.
Without any equivocation, Nigeria needs to support all concerted efforts to promote an open and accountable system in the management of extractive resources. Moreover, full implementation of contract transparency and beneficial ownership disclosures will help in ensuring that the revenues from natural resources are captured to help support national development and poverty reduction.
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