PIAC LAUNCHES CITIZENS’ VERSION OF STATUTORY REPORTS ON MANAGEMENT, USE OF OIL CASH

The Public Interest and Accountability Committee (PIAC) has launched the maiden edition of the Citizens’ Version of its Statutory Reports on the management and use of petroleum revenues.

The report provides an account of the use of petroleum revenues for the year 2022.

The Citizens’ Version is part of efforts to provide citizens with relevant information on how petroleum revenues have been managed and utilized in a simplified manner.

Although simplified, the Citizens’ Version is very comprehensive and provides all the information captured in PIAC’s statutory reports – which a lot of people consider to be voluminous and technical, in a very simplified manner using infographics.

Commenting on this initiative, the Chairperson of the Public Interest and Accountability Committee, Emerita Professor Elizabeth Ardayfio-Schandorf, indicated that “the Citizens’ Version reflects PIAC’s commitment to providing citizens with essential information on the management and use of petroleum revenues to promote transparency and accountability”.

She further emphasized that “transparency and accountability remain critical to ensure prudent financial management, especially for an impactful sector like the petroleum industry”.

The Citizens Version ensures that the complex information in the annual PIAC Reports is presented in a simplified and accessible format to help empower citizens.

Emerita Professor Elizabeth Ardayfio-Schandorf explained that “PIAC believes that getting the general public informed is the foundation of a transparent and accountable governance structure for the country’s petroleum revenues,” she said.

About PIAC

The Public Interest and Accountability Committee (PIAC) were established under Section 51 of the Petroleum Revenue Management Act (PRMA), to, among others, monitor and evaluate compliance with the Act. The Committee was inaugurated and commenced work on 15th September 2011.

SOURCE: CITI NEWSROOM

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