Buoyed by the success of the Stakeholders' Forum for the Downstream Sector that held in Lagos recently and the need to get other critical stakeholders to understand the operations of the oil and gas industry in Nigeria, the Management of the Nigerian National Petroleum Corporation, NNPC, has concluded arrangement for the commencement of a two-day workshop for key players in the financial sector.  

The workshop which is being organized in conjunction with the Federation Account Allocation Committee, FAAC, will have  stakeholders in the financial sector from the federal and state governments ministries and agencies in attendance to promote understanding of the fiscal system and other issues related to accruals to the Federation Account.

The idea is to bring together all the Commissioners of Finance and Accountants General of the 36 states of the federation and their counterparts in the Federal Capital Territory, FCT,  to the NNPC Amphi-theatre in Abuja where they will trade ideas and information with all the top management of the NNPC and all other critical stakeholders like the Central Bank Governor, the Finance Minister, the Chief Economic Adviser to the President, the Senate/House Committees Chairmen on Finance and Appropriation among others, explained Dr. Levi Ajuonuma Group General Manager, Group Public Affairs Division of the NNPC.

He said the workshop will throw light extensively on such nagging and misconstrued issues like cash calls, revenue cycles, production sharing contracts, service contracts, joint venture agreements, alternative funding, carry agreement, modified carry agreement and a horde of other oil industry terminologies which impact on the Federation Account.

For the first time ever, all the oil and gas experts in the NNPC from the Group Managing Director, Dr Mohammed Sanusi Barkindo to every other seasoned specialist in this regard will be made available for two days marathon to explain the nitty-gritty of the fiscal arrangement of the oil business in Nigeria and the key responsibilities cum duties of all the players, Ajuonuma stated.

The Honourable Minister of Petroleum Resources, Dr Rilwanu Lukman is billed to deliver the Key Note Address at the parley which kicks off on Friday 29th and runs through Saturday 30th January, 2010.

The workshop is a continuation of the NNPC Stakeholders’ Forum series which kicked off recently with the downstream stakeholders’ parley in Lagos.