PIAC LAUNCHES CITIZENS’ VERSION OF STATUTORY REPORTS FOR BETTER UNDERSTANDING

The Public Interest and Accountability Committee (PIAC) has launched its maiden edition of a citizens’ version of its statutory report on the management and use of petroleum revenues.

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 2011 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 utilised.

As part of the Committee’s duty, it publishes statutory reports on management and use of its revenues for the interest of the public. However, 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 its statutory reports to allow the public to get a better understanding of issues relating to petroleum revenue management.

Additionally, the Chairperson of PIAC, Emerita Professor Elizabeth Ardayfior-Schandorf, noted that the Citizens’ Version is expected to promote transparency and accountability. She added 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 PIAC’s statutory reports is presented in a simplified manner to empower citizens”, she stressed.

SOURCE: REPUBLIC ONLINE

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