Public Interest & Accountability
Committee

History

History of the Public Interest and Accountability Committee (PIAC)

The discovery of oil and gas in commercial quantities in 2007 instigated discussions on how revenues generated from the sector would be managed given the experiences in other extractive resources. The ensuing discussions led to the formulation of the Petroleum Revenue Management Act (PRMA) 2011 (Act 815) which seeks to guide the spending of the petroleum revenues. The bill was first passed in March 2011 but due to challenges with implementation, it underwent some legislative changes and was subsequently amended in June 2015 to provide a better framework for the management of petroleum revenues. The Public Interest and Accountability Committee (PIAC) was established under Section 51 of the PRMA to among others, monitor and evaluate compliance with the Act.

On 15th September, 2011, the maiden PIAC was inaugurated to commence work in fulfilment of its mandate. The committee actually started meeting in October 2011 with a membership of 12 representing various member institutions with the exception of the representative from the think tanks. The first annual report of the committee, the 2011 Report on Petroleum Revenue Management was published the following year, in 2012. So far ten (10) reports (5 Annual and 5 Semi-annual Reports) have been published by the committee. Ten (10) regional public fora have also been held in all regional capitals in fulfilment of the mandate of the Committee.

 

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