The Nigeria Governors Forum has decried the zero contribution of the Nigerian National Petroleum Company NNPC to the Federation Account in recent months.
Chairman of the Forum, Kayode Fayemi and Ekiti State Governor, made this known at the Governors’ Forum on Natural Energy, Oil and Gas at the fifth Nigeria International Energy Summit NIES in Abuja.
He noted that it was ironic that the NNPC was declaring profit and unable to meet its obligations to the Federation Account Allocation Committee FAAC.
Fayemi said the governors were concerned about how to grow the industry, stressing that transparency, accountability and governance were critical in achieving this objective.
He noted that the Petroleum Industry Act was responding to some of the challenges facing the sector though the governors had raised concerns regarding some of the provisions of the Act.
The Forum’s chairman also faulted the oil and gas sector being on the Exclusive Legislative List of the Federal Government.
