From the business sector, the Federal Government has set up a committee to harmonise data from oil and gas revenue, petroleum production and government earnings from all sectors of the economy across all the ministries, departments and agencies of governments.
Speaking at the inaugural meeting of the committee, tagged the ‘Nigerian Petroleum Fiscal Consistency Network’, the Technical Adviser on Petroleum Fiscal Strategy, to the Minister of State for Petroleum Resources, Mr. Tim Okon said the committee was saddled with the responsibility of ensuring that policy makers have access to consistent set of data for enlightened decision to take place.
Mr. Okon said the petroleum fiscal consistency network is driven by three ministries, the Federal Ministry of Finance, Federal Ministry of Petroleum Resources and the Ministry of Budget and National Planning.
He added that the team would be working with a number of government agencies to ensure the collection and presentation of accurate fiscal data which according to him would involve the different entities that are involved in collecting information or collecting revenue as the case may be and making sure that there is a consistent basis for the data collected and presented.
Mr. Okon further stated that the network would look at the manner of the workings of key sectors of the Nigerian economy and the way in which they are modeled fiscally, as well as the manner in which the results are presented to decision makers.