NEITI Analyses 2020-2021 Industry report for Mining, Oil and Gas Sector

The Nigeria Extractive Industries Transparency Initiative (NEITI) is analysing its 2020–2021 industry reports for the mining, oil, and gas sectors in preparation for release and approval from stakeholders.
This was said by Dr Orji Ogbonnaya Orji, Executive Secretary of the NEITI, on Wednesday in Abuja at the Stakeholders’ Roundtable for the Review and Approval of NEITI Audit Reports.
The reports tried to determine the revenue paid by oil, gas, and mining corporations and how much of such payments were actually received into government coffers.
For the oil and gas reports, a total of 69 companies, 12 governmental organisations, and one state-owned enterprise were covered.
The studies on solid minerals, which sought to determine the amounts of minerals produced and used in the nation, covered a total of 1, 214 businesses with three government entities.
Orji stated that NEITI’s other areas of concentration include tracking subsidy payments, firm remittances, and liabilities, as well as identifying investments made by the federation or the federal government in the oil, gas, and mining industries.
“The processes followed, especially on the basis for computation and remittances of all revenues payable to government such as taxes, royalties and rents, are equally of interest to NEITI.
The NEITI reports, which had been presented by the Independent Administrators, Messrs Taju Audu and Co. and Amedu Onekpe and Co., were to be discussed and approved at the stakeholders meeting, according to the executive secretary.
The Multi Stakeholders Group (MSG), which monitors the EITI reporting process and implementation in countries, must approve the industry reports before they can be made public, according to the NEITI standard, he claimed, which served as guideline for its operations.
He claimed that on June 19, 2023, the president in Nigeria will abolish the board of Ministries, Departments and Agencies (MDAs), which included the MSG known as the National Stakeholders Working Group (NSWG).
According to him, the organisation’s top tasks right away were to publish the 2020–2021 oil, gas, and mining reports as well as the budgetary allocation and statutory distribution reports as soon as it received approval.
He said that among its other priorities are the production of the oil, gas, and mining industry reports for 2022–2023, the linkage of NEITI reports to revenue growth and effect, and the update of data and information on all financial liabilities.
These, he claimed, will aid in government income mobilisation for infrastructure development and improvement.
The NEITI management was also praised by the stakeholders and civil society organisations for its perseverance and hard work in putting together the reports, which they claimed had benefited in economic progress.
The NEITI was praised for blazing a route and establishing standards for openness and good governance in the nation by Faith Nwadishi, Executive Director of the Centre for openness Advocacy (CTA).
He also praised the media for its enlightenment and support.

Source: Allnews Nigeria

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