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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* 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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