• VAT disbursements on the increase
  • Revenues projected to increase in 2018
  • Positive signals on non-oil sectors

The Federation Account Allocation Committee (FAAC) disbursed a total sum of N6.418 trillion in 2017. This showed an increase of 25.8% and 6.8% when compared to total disbursements of N5.1 trillion and N6.011 trillion in 2016 and 2015 respectively.

A breakdown of the amount disbursed in 2017 showed that the Federal Government received N2.564 trillion; the 36 States got N1.859 trillion while the 774 local governments shared N1.502 trillion.

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NEITI’s policy analyst, Deji Olowoporoku has emerged winner of the inaugural Executive Secretary’s Annual Award for exceptional contributions.The award is in recognition of exceptional performance by the staff and a motivation for all staff to think beyond their normal day to day schedule.

I instituted this award to inspire us all to put in more than the normal or the expected shift. I sincerely believe we can do it, if we want to”, the Executive Secretary Waziri Adio explained.

Meanwhile the International Secretariat of EITI has congratulated Deji Olowokporoku for the Honour. The Secretariat granted the recipient a rare honour of full appearance on EITI global website as a justification for the award in a question and answer session.

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Two members of staff of NEITI were in the United Kingdom as special nominee for Extractive Hub. The staff members are Jide Arowosaiye and Chinenye Okechukwu all of the NEITI Technical Department.

The Extractives Hub, launched in February 2017, was created to inform public debate. It collates publications from a range of credible sources and institutions to provide a ‘one-stop-shop’ where policymakers and legislators alike can easily access published materials on natural resource management. The University of Dundee’s Centre for Energy, Petroleum and Mineral Law and Policy curates the content of the Hub and assists in sourcing leading research and resources.

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The Board of the Nigeria Extractive Industries Transparency Initiative (NEITI) says it will henceforth publish the names of extractive companies that fail to comply with its industry audit process and pursue appropriate legal actions against them in-line with the provisions of the NEITI Act 2007.

Chairman of the NEITI Board Dr. Kayode Fayemi, represented by a member of the Board Alhaji Gana Lantewa made this known at the end of its meeting which took place in December 2017.

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The Minster of State for Petroleum Resources, Dr. Ibe Kachikwu, has stressed the need for the country to immediately address the issues of the refineries and infrastructure deficit.

This call was made at the public hearing recently held by the National Assembly’s Joint Committee on Petroleum Downstream.

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The Chairman, Senate Committee on Federal Character and Inter-Governmental Affairs, Senator Tijjani Yahaya Kaura says NEITI’s intervention in the management of Nigeria’s extractive sector has saved the sector from imminent collapse.

Chairman Senate Committee on Federal Character and Inter-Governmental Affairs, Senator Yahaya Kaura stated this in Abuja when NEITI appeared before the Committee to defend its 2018 budget proposal.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with excitement, the bold step by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill (PIGB).

The decision of the Senate and the House of Representatives to consider the Bill as priority resulting in its eventual passage is bold, courageous and progressive. This is given the challenges the bill has passed through in its legislative journey for over ten years.

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