News - December 15, 2021

Nigeria’s Treasury pledges to support mid-downstream petroleum industry agency succeed

MEDIATRACNET

PICTURE: L-R: Executive Director (Finance & Accounts), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Abiodun Adeniji, with Accountant General of the Federation, Ahmed Idris, in Abuja on Wednesday.

Nigeria’s Treasury will support the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to succeed in its operations, the Head of the Treasury and Accountant General of the Federation, Ahmed Idris, has said.

Idris was speaking when the Executive Director (Finance & Accounts) of the regulatory agency, Abiodun Adeniji, visited him in his office in Abuja on Wednesday.

The NMDPRA is the successor agency following last September 2021 scrapping of three agencies in the petroleum industry, namely Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and Petroleum Equalization Fund (PEF).

The scrapping of the agencies followed the enactment of the Petroleum Industry Act (PIA), which consolidated the services and roles hitherto played by these agencies under an omnibus regulatory institution responsible for the technical and commercial regulation of the midstream and downstream operations in Nigeria’s petroleum industry.

The Accountant General of the Federation reaffirmed the strategic importance of the new regulatory agency and the readiness of the Treasury to work with it to establish and maintain a seamless, mutually beneficial relationship and cooperation it had with the defunct predecessors.

Expressing optimism that such cooperation would help secure the necessary finances for the government, Idris said viable relationship between the two agencies would also help grow the country’s economy.

Idris, who made a case for treasury officers to be co-opt as internal auditors in the agency, pointed out that statutorily, treasury officers usually serve as internal auditors in all Ministries, Departments and Agencies (MDAs).

He congratulated the management team of the agency on their appointment and charged them to uphold the ideals of transparency, accountability and zero tolerance for corruption.

The Executive Director (Finance & Accounts) of the NMDPRA, Abiodun Adeniji, said the management of the agency was determined to work assiduously to fulfil its mandate.

Adeniji commended the Accountant General of the Federation for providing visionary leadership for the country’s Treasury, and solicited the cooperation of the Treasury in supporting the agency succeed in its operations.

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