Poor record keeping across agencies, as well as a decade long of unimplemented recommendations are responsible for a revenue loss of about $700 million annually in the Extractive Industry
Stakeholders are gathered at a policy dialogue in Abuja believe there is need to take another critical look at recommendations from past investigative reports in the oil sector
TVC NEWS Correspondent Sophia Ogezi reports that a large percentage of recommendations and audited reports gathered by the Nigerian Extractive Industries Transparency Initiative NEITI ends up gathering dust in the archives and libraries.
This stakeholders insist remains one major challenge in determining expected role of state and non state actors in the implementation of global best practice.
This respondent says its time policy makers move from recommendations to actual implementation.
One new stand stakeholders are pushing for is that the federal government must look beyond fund recovery and towards activating the law establishing the NNPC
They also want the Legislature to amend the extractive industry bills such as the NEITI act 2007 while updating pending bills and ensuring their passage is expedited.
The Stakeholders also call for Structural reforms of the NNPC and other relevant agencies in order to make them competitive and abreast with global best practices.
They believe if there is proper documentation of funds illicitly paid to several agencies, clients and marketers, Nigeria may never agonise again
