The World Bank has stated the need for greater openness at the Nigerian National Petroleum Corporation (NNPC), which is frequently accused of being among the most opaque oil firms in the world. The World Bank made this known in the most recent Nigeria Development Update (NDU), which was released on Wednesday in Abuja.
The World Bank stated that the NNPC must maintain transparency to ensure accuracy in reporting revenues and oil income meant for the federation account.
The latest publication, titled “Turning the Corner: From Reforms and Renewed Hope to Results,” stated that more extensive changes are needed to revitalise the country’s economy, even as it acknowledged some positive actions taken by the Nigerian government, such as the elimination of fuel subsidies and the opening of the foreign exchange market.
The report mentioned that the recently launched cash transfer intervention, aimed at alleviating the impact of rising gasoline prices on the poor and vulnerable, is bringing welcome relief to an increasing number of households. It anticipates covering five million households by the end of December.