• About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, June 7, 2025
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Wale Edun Leads Call for Customs Reform to Unlock Regional Trade Potential

    Wale Edun Explains: “Borrowing is expected to Fund Strategic Projects, Not Inflate Debt Burden”

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    ICIEC Endorses Nigeria’s Infrastructure Drive, Commits to Enhanced Private Sector Participation

    Investor Confidence in Nigeria Deepens as Renaissance Capital Visits Finance Minister

    Wale Edun and Nigeria’s Economic Turnaround: A Case for Renewed Confidence

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

    How To Apply For Bridge To MassChallenge Nigeria 2021

    How To Apply For Bridge To MassChallenge Nigeria 2021

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Wale Edun Leads Call for Customs Reform to Unlock Regional Trade Potential

    Wale Edun Explains: “Borrowing is expected to Fund Strategic Projects, Not Inflate Debt Burden”

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    ICIEC Endorses Nigeria’s Infrastructure Drive, Commits to Enhanced Private Sector Participation

    Investor Confidence in Nigeria Deepens as Renaissance Capital Visits Finance Minister

    Wale Edun and Nigeria’s Economic Turnaround: A Case for Renewed Confidence

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

    How To Apply For Bridge To MassChallenge Nigeria 2021

    How To Apply For Bridge To MassChallenge Nigeria 2021

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
Daily Concord News
No Result
View All Result
Home Uncategorized

BMO Hails New Openness in Oil Sector, $3b Debt Recovery

Tunde Abiola by Tunde Abiola
June 16, 2020
in Uncategorized
0
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

The recovery of $3 billion debts from the nation’s oil industry by the current administration is a victory for transparency, accountability and good governance, which have been the hallmark of President Muhammadu Buhari’s administration over the last five years.

This is the verdict of the Buhari Media Organisation (BMO), in appreciation of recorded gains in the country’s oil sector, following a recent report by the World Bank and the Extractive Industries Transparency Initiative, (EITI), commending government’s improvement in the oil sector. EITI, is responsible for the global standard promotion of openness in the oil, gas and mineral resources management.

This improvement, according to the report, has created an enabler for the huge recovery of $3 billion in outstanding debts in the oil sector, a feat attributed to the Nigerian Extractive Transparency Initiative (NEITI) through the stringent application of more transparent and accountability procedures in regulating the oil industry. The report also revealed that another potential $20 billion in oil revenues could still be retrieved.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said this kind of unique achievement in the nation’s oil sector is not ordinary, given the historical opacity and opaqueness that have clouded the industry over the past years, and that this latest good news is capable of engendering confidence in the crisis-ridden industry and attract both local and foreign investments now and in the nearest future.

BMO commended President Muhammadu Buhari “for his integrity, quality and transparent leadership which made this feat possible, and his strong determination and commitment to remain resolute in halting the pillage of the economy by corrupt public officials, through strict observance of transparency and accountability in all government dealings and transactions, aimed at strengthening governance structure across all levels.

“With the numerous reforms going on in the nation’s oil sector and the President’s strong commitment to putting an end, once and for all, to all shady deals that have characterised the oil industry over the years, we believe that more outstanding oil revenue debts would be recovered in no distant time”.

 According to the group, “what is obvious is that President Buhari is working to strengthen the oil sector through transparency and accountability, and also working assiduously to diversify the economy. His administration has continued investing heavily in the range of billions of dollars in agriculture, power, and other sectors of the economy through the provision of various funding supports”.

BMO, however, pointed out that the gross mismanagement of the economy and diversion of oil resources by corrupt public officials during the wasteful 16 years of the People’s Democratic Congress(PDP) had created a crisis of confidence, leading to the slow pace of investments in the oil sector, thereby hampering both economic and social development.

 “It is worthy of note that this is the first time Nigerians are witnessing some level of transparency, accountability and tremendous improvement in the oil and other sectors of the economy since our return to democracy in 1999. With this report, Nigeria now ranks eighth among EITI’s 53 member countries on the implementation of the transparency guide.

“We believe that this is a huge score for the Federal Government, given the historical opacity that has clouded NEITI and other relevant agencies in the oil industry in the past. This would not have been possible but for the responsible leadership demonstrated so far by Mr. President.

“At this point, we want to commend NEITI for working hard to release prompt reports on the extractive industries, including the one on the Nigerian National Petroleum Corporation (NNPC), which succeeded in drawing the attention of the Nigerian authorities”

BMO  also commended NNPC’s efforts in strengthening collaboration among relevant agencies in the oil sector, citing its collaboration with the Department of Petroleum Resources (DPR) to ensure transparency and accountability in the extractive industries.

“It is said that with the transparency policy of the Buhari administration, NNPC now regularly publishes its monthly report, a departure from its acute opaqueness and flouting of all transparency processes under the PDP administration”.

BMO, therefore, assured Nigerians that President Buhari would continue to provide responsible leadership and support to all government agencies involved in efforts to improving the oil sector and other sectors of the economy.

The Pro-Buhari group also called on Nigerians to support ongoing reforms by the government in various sectors of the economy capable of creating an opportunity for government to generate enough funds to boost the infrastructural development in the country.

Previous Post

NEF, A Two-Man Terror Squad Fronting as Northern Elders – BMO

Next Post

ON DAY OF AFRICAN CHILD: President Buhari Urges End to Violence Against Children

Tunde Abiola

Tunde Abiola

Next Post

ON DAY OF AFRICAN CHILD: President Buhari Urges End to Violence Against Children

  • Trending
  • Comments
  • Latest

NIN-SIM Linkage: A Kidnappers’ Bogeyman On The Roll?

April 5, 2024 - Updated on February 9, 2025

How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

September 6, 2019 - Updated on February 9, 2025

Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

September 25, 2019 - Updated on February 9, 2025

I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

September 25, 2019 - Updated on February 9, 2025
Nigeria

Lest We Forget: Security Issues in Nigeria from 1999 to Date!

0
ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

0
Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

0
Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

0
NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

June 5, 2025
Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

June 4, 2025

Two Years Of Nigeria’s Foreign Policy Under The Administration of President Bola Ahmed Tinubu: An Informed Commentary

June 3, 2025
Why I Share in Wale Edun’s Optimism On The Nigerian Economy

Moody’s Upgrades Nigeria’s Credit Rating Amid Reform Gains, Investor Confidence Grows

June 2, 2025

Recent News

NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

June 5, 2025
Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

June 4, 2025

Two Years Of Nigeria’s Foreign Policy Under The Administration of President Bola Ahmed Tinubu: An Informed Commentary

June 3, 2025
Why I Share in Wale Edun’s Optimism On The Nigerian Economy

Moody’s Upgrades Nigeria’s Credit Rating Amid Reform Gains, Investor Confidence Grows

June 2, 2025
Daily Concord News

Bringing the most intriguing News from around the world you everyone in a positive way

Follow Us

Browse by Category

  • Africa
  • Basketball
  • Business
  • Culture
  • Economy
  • Education
  • Food
  • Football
  • Foreign Affairs
  • Gaming
  • Health
  • Health
  • Interviews
  • Lifestyle
  • local
  • News
  • Nigeria
  • Opinion
  • Politics
  • Science
  • Security
  • Sports
  • Tech
  • Uncategorized
  • World

Recent News

NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

NAVY @69: Matawalle Hails Nigerian Navy’s Strategic Readiness At Ceremonial Sunset Dinner

June 5, 2025
Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

Insecurity: Tinubu, Matawalle should be commended for reinvigorating Navy — Saka

June 4, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Daily Concord News - All Rights Reserved.

No Result
View All Result

© 2025 Daily Concord News - All Rights Reserved.