By Landing Colley
The national assembly select committee on public enterprise and environment sustainable development and NGO affair has finanlised the reviewing of petroleum commission Bill 2020 ON Monday.
Going through the clauses of the bill on Financial provision, clause 17, which deal with the funds of the commission; stated that funds shall consist of (a) monies appropriated to it by the National Assembly, (b) monies paid to the commission from-(i) signature bonuses from licensees, and (ii) monies accrued from the commission in the performance of its functions.
However clause (c) further stated that monies that accrue to the commission in the performance of its function, (d) training and resource funds which shall be administered by the commission and managed by the ministry and (e) grants, donations or gifts receive from any lawful source while (4) stated that the monies of the commission shall be paid into a bank account approved by the board.
As for clause 18 that deal with Expenses of the commission stated that the expenses of the commission shall be paid from monies provide for the commission under section 17 and clauses 19 deal with annual estimates which stated (1) the director general shall summit to the board, the estimates of the income and expenditure of the commission for the following financial year, and (2) An expenditure shall not be made out of the funds of the commission unless the expenditure has been approved by the board in the budget.
Moreover clause 20 deal with accounts and audit which sub-clause (1) stated that the commission shall keep proper books of accounts of all its income and expenditure and proper records in relation to the accounts in respect to each financial year. (2) the commission shall three month before the end of each financial year, prepare and summit to the auditor general a statement of account for audit, and (3) the audited accounts of the commission and the auditor general’s report on those accounts shall form part of the auditor general’s overall annual report tot eh national assembly.
Clause 21 deals with the annual report and sub-clause (1) one stated that the commission shall within three months after each financial year summit to the minister, an annual report of the activities and operations including the board approved audited accounts of the commission.