CBN, PenCom Rated Low in Revenue Remittance Index

In its quest for transparency and accountability in the petroleum sector, OrderPaper has unveiled the Volume 1 of its Revenue Remittance Compliance Index

The Revenue Remittance Compliance Index is made possible with data provided mainly by the Fiscal Responsibility Commission.

The index report comprises three categories- Above Average Compliance, Average Compliance and Below Average Compliance.

According to the index, the Central Bank of Nigeria, the National Pension Commission, the Content Development and Monitoring Board, and 16 other agencies have performed below average.

Tthe unveiling took place during a meeting with journalists and other representatives from various organisations in Abuja.

Oke Epia, the Executive Director, OrderPaper, in his remarks, said, “The research speaks on issues in policy, law, transparency, accountability and remittances in the petroleum sector.

“There’s a disconnect that needs to be highlighted to have more services delivered to citizens. The key advocacy goal of the GIFT PROJECT is pushing for the passage of the Fiscal Responsibility Act.”

“Disclosure is not transparency, Transparency is giving one what they need to know and then what they can do with the knowledge made,” Epia added.

Also speaking, Special Adviser to the Chairman, Fiscal Responsibility Commission, Dr Chris Uwadoka, said, “The Fiscal Responsibility Act was enacted principally to encourage, enforce, monitor transparency and accountability and to remove discretion in the management of public finances and give a structure around it.

“The Act itself is probably the first that went out of its way to establish a platform. There is a relationship between the government as agencies ad we are happy that the CSOs have risen to expectations and are partnering with the government. This will stand as a clear example and encourage other CSOs.”

The Auditor-General for the Federation, Adolphus Aghughua, was represented by his Special Assistant, Salawu Apoti.