President Muhammadu Buhari has today inaugurated three new boards under the Ministry of Petroleum Resources. The inaugurated boards include the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian Nuclear Regulatory Authority (NNRA).
The President challenged members of the new boards to ensure decency and transparency in the management of the nation’s oil industry.
“Oil and gas are the country’s foreign exchange earners. Therefore, the importance of these boards cannot be over emphasised. Your job should be to ensure propriety in management of these most vital national institutions.”
“You should advise the Minister and the Corporations’ management on the most effective way for Nigeria to get value for money from our assets.”
“My expectations from the members of boards is for them to ensure that NNPC chart a way to face current economic challenges.”
“This will involve a careful look at the ongoing reforms designed to steer the corporation to achieve better performance and efficiency.”
Boards Should Develop Innovations
Meanwhile, President Buhari specifically tasked the new boards to bring new innovations on board. This is to ensure that they devise practical strategies aimed at tackling current challenges within the oil industry.
Buhari further stressed the need for the new NNPC board to help address the constraints in funding Joint Venture projects. This is to ensure smooth operations between the corporation and international oil companies as well as other investment issues.
According to him, his administration has introduced transparency in the management of the country’s oil industry. This, through the monthly publishing of operational and financial reports of the NNPC.
The President further extolled the new members’ experience and knowledge. He expressed optimism that the country’s aspiration in the oil industry would be achieved within a reasonable time frame.
Chairman of the inaugurated boards, Kachikwu has promised to be at their optimum. He assured that they would ensure transparency and accountability in running the affairs of the boards.