VP says transparency is the cardinal pillar of Buhari Presidency

The Acting President, Prof. Yemi Osinbajo, said on Monday that a critical pillar of the Buhari presidency is transparency, especially in the extractive industry.

"It is important for us that we handle our resources with transparency and good governance,” he told a delegation of the global body, Extractive Industries Transparency Initiative (EITI), during a meeting at the Presidential Villa Abuja.

The Minister of State for Budget & Planning, and the former Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mrs Zainab Ahmed, was also in attendance.

"One of the objectives that we have set for ourselves is to ensure that we are transparent and able to handle our resources well.

"If we (as a nation) had handled our resources better, with transparency and good governance, we would not find ourselves were we are now,” Osinbajo said

According to him, as a nation, “we have learnt our lessons,” and going forward the government will work transparently and generate more revenues.

He stated that as a government, the Buhari administration was determined to work with the Nigeria Extractive Industry and Transparency Initiative (NEITI) “to ensure good governance and look at how we can generate revenues and keep proper accounts.”

On the Petroleum Industry Bill (PIB), Prof. Osinbajo assured that the executive was working with the National Assembly to get the PIB passed into law.

"We want to see what will come out of the bill because this will give some regulatory direction and we are working very closely to get that done.”

Earlier, the in-coming global Chairman of EITI, Mr Fredrik Reinfeldt, a former Prime Minister of Sweden, commended Nigeria’s commitment to the EITI framework.

He said the organisation was following the restructuring of the NNPC and other developments in the oil sector.