• Combined Net FAAC Allocations for 2017 and 2018 Inadequate to Fund 2019 Budgets of 35 states
  • Total Revenues to States for 2017 & 2018 Inadequate to Fund 2019 Budgets 0f 28 States.
  • Disbursements Dropped Below N2trillion First Time Since Q2 2018.

The fall in oil prices slightly affected government earnings in the first quarter of 2019, as Federation Allocation Account Committee (FAAC) disbursed N1.929trillion between January and March this year. The figure indicates a 0.45% decline from the N1.938trilion disbursed for the same period in 2018, but 36.7% higher than the N1.411trillion disbursed in the corresponding period in 2017.

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Board of the global Extractive Industries Transparency Initiative (EITI) has adjudged Nigeria as having made ‘Satisfactory Progress’ in the implementation of its principles in the nation’s extractive sector.

The decision was taken and announced at the 42nd Board meeting in Kyiv, Ukraine recently.

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The Nigeria Extractive Industries transparency Initiative (NEITI) has urged gender based CSOs and women in the Niger Delta to be active participants in the campaign for beneficial ownership disclosure in the extractive sector.

The Assistant Director Communications & Advocacy NEITI, Obiageli Onourah who represented the Executive Secretary made this call at a 2-day training workshop on Beneficial Ownership disclosure organized for women CSOs in the Niger Delta, held in Port Harcourt, River State.

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Stakeholders working in the extractive sector have expressed delight over the Extractive Industries Transparency Initiative (EITI) validation report on Nigeria. In the report, Nigeria was adjudged as having made ‘Satisfactory Progress’ in the implementation of EITI standard by the EITI Board at its February 2019 meeting which took place in kyiv, Ukraine.

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Stakeholders in the oil, gas and mining sectors have called for the development of adequate policy framework to combat the menace of Illicit Financial Flows (IFFs) in Nigeria’s extractive sector.

This was the consensus amongst stakeholders at the recent launch of a report on “Averting Illicit Financial Flows in Nigeria’s Extractive Industries”, by the Nigeria Extractive Industries Transparency Initiative (NEITI).

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-Losses could be up to $28bn              

-Calls for Urgent Review of the PSCs to Stem Losses and Increase Govt. Revenues

Abuja, 3rd March, 2019. A quantitative study by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost at least $16b over a ten-year period (2008 – 2017) due to non-review of the 1993 Production Sharing Contracts (PSCs) with oil companies.

The study, which was done in conjunction with Open Oil (a Berlin-based extractive sector transparency group) indicates that the losses could be up to $28b if, after the review, the Federation were allowed to share profit oil from two additional licenses.

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