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FG set to streamline oil and gas sector data

In a bid to tackle data inconsistency in the oil and gas industry, the Federal Government has setup the Nigerian Petroleum Fiscal Consistency Network aimed at streamlining data capture process and management in the sector.

The setting of the network came with the signing of a Memorandum of Understanding among the ministries of Finance, National Planning, as well as Petroleum Resources.

The network would have technical officers drawn from the ministries of Petroleum Resources, Finance and Budget and National Planning.

Speaking after the opening of the first meeting of the team in Abuja on Tuesday, the Technical Assistant to the Minister of State for Petroleum Resources, Dr. Tim Okon, said having consistent data in the sector would aid better decision making.

He said the network was part of the general reforms in the oil and gas sector, adding that the sector could no longer afford to produce figures that differ from one government agency to another.

“Their duty is to analyze data that the government gathers in a consistent manner from the different agencies so that a consistent set of information will be available to policy makers,” he said.

“The team is charged with the responsibility to ensure that decision makers have consistent set of data in order for enlightened decision making to take place,” he explained.

He said having consistent data would help decision makers across all sectors, including on budgets and investments.

Source: Daily Trust

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