• 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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The Philippines Extractive Industries Transparency Initiative (PH-EITI) has made history as the first and only EITI implementing Country to have made “Satisfactory Progress” – a term used to describe a Country that has achieved all the requirements contained in the EITI Standard.

The decision was taken by the Board of EITI in its meeting in Philippine in recognition of the country’s ability to use the EITI data to hold government to account, drive government reforms and generate public debate.

 

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The 38th meeting of the EITI International Board holds in Manila, Philippines from the 25th to 26th October 2017 at the Conrad Manila Hotel.

The meeting will be preceded by a conference on Beneficial Ownership holding in Jakarta, Indonesia from the 23rd to 24th October 2017.

Government agencies in member countries responsible for tax collection, drafting or implementation of laws, establishing and managing company registry regulating the petroleum and mining sector as well as those coordinating issues are expected at the conference.

The EITI meeting will begin on the 24th with meetings of committees on Civil society, Companies, implementing and supporting countries constituencies.

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