* NEITI tasks government on oil metering and recovery of $3.7billion outstanding revenues

* Urges NNPC to give full account and status of $16.8 billion NLNG dividends

29 December 2017, Abuja— Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, while the country’s oil production fell from 798 million barrels in 2014 to 776 million barrels in 2015, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed. 

According to the NEITI 2015 Oil and Gas Industry Audit Report, the total outstanding revenue from the sector as at 2015 was $3.7 billion and N80 billion, while losses incurred stood at $2.2 billion and N60 billion, and unreconciled revenues amounted to N317 billion.

 

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* 'NEITI to release 2015 oil and gas report next month'

* 'To clear audit backlog by 2018'

Abuja November 19th, 2017.

Nigeria earned N69.2 billion from the solid minerals sector in 2015, an increase of 24% on the N55.8 billion earned from the sector in 2014. 

This disclosure is contained in the latest independent audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) released on Sunday following the approval of the report by the National Stakeholders Working Group, which is the board of NEITI.

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  • Revenues in first half of 2017 49% lower than budgeted figures
  • Total FAAC disbursements N1.757 trillion in 3rd quarter of 2017  

Abuja, November, 29th 2017.

The total sum of N4.545 trillion was disbursed as FAAC allocations between January and September 2017. Out of this amount, N1.757 trillion was shared in the third quarter of 2017 as against the N1.377 trillion and N1.411 trillion disbursed in the second and first quarters of the year.

The information is contained in the latest Quarterly Review of the Nigeria Extractive Industries Transparency Initiative (NEITI).

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The Federal Government of Nigeria has assured the International Community of its commitment to fully implement Beneficial Ownership Transparency within the framework of the global Extractive Industries Transparency Initiative (EITI).

The Vice-President, Professor Yemi Osinbajo (GCON), made the commitment while addressing participants at the Extractive Industries Transparency Initiative (EITI) Beneficial Ownership Conference in Jakarta, Indonesia.

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NEITI was ranked fifth among 200 government agencies recently weighed on the scale of compliance to the Freedom of Information Act.

The ranking exercise conducted by a non-governmental organisation (NGO), Public Private Partnership Development Centre (PPPDC) considered level of access to procurement-related information from public institutions, proactive disclosures, and response to requests among others as benchmarks for the ranking.

 

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A renowned professor of Geology from the University of Ibadan, and member of the NEITI Governing Board, Professor Olugbenga Okunlola has called on the Federal Government to take urgent steps to implement the 2016 Roadmap for the Mining Sector.

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The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio has identified five key areas in which Nigeria can experience sustained economic recovery beyond merely getting out of recession.

The key areas are: maximizing and adding value to endowments; entrenching transparency and accountability in management of extractive industry resources; saving enough for rainy days; restructuring the economy; and investing in health, education and infrastructure to expand the creative and productive capacities of the people.

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