The Public Interest and Accountability Committee (PIAC) has launched its maiden edition of citizens’ version of its statutory report on the management and use of petroleum revenues.
PIAC which was established in September 2021 under section 51 of the Petroleum Revenue Management Act (PRMA) is mandated to monitor and evaluate compliance with the Act and make sure petroleum revenue is well utilized.
As part of the Committee’s duty, it provides statutory reports on management and use of its revenues for the interest of the public but according to PIAC, the public finds it difficult to understand relevant information in the report hence the introduction of the Citizens’ Version.
In a statement released by PIAC on Tuesday, February 6, 2024, the Citizens’ Version is expected to provide a simplified version of the report to allow the public to get a better understanding of issues of PRMA.
Additionally, the Chairperson of PIAC, Emerita Professor Elizabeth Ardayfior-Schandorf noted that the Citizens’ Version is expected to promote transparency and accountability adding that, transparency and accountability remained critical to ensure prudent financial management, especially for an impactful sector like the petroleum industry.
“The Citizens’ Version thus is to ensure that complex information in its report is presented in a simplified manner to empower citizens”, she stressed.
See full statement below
