A popular saying admonishes us not to eat with ten fingers. This axiom is not a homily about table manners. It is a metaphor about the virtue of living prudently. A more prosaic rendering willgo like this: save a portion of your earnings for the possibility of emergencies in the here and now, and for the uncertainties of the future. Or put differently, always save for the proverbial rainy day. But both poetry and prose seem to elude us.

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A quarterly meeting of the NEITI National Stakeholders Working Group (NSWG) is expected to hold in Abuja, on August 11 at the NEITI Conference room.

The Chairman of the Board and Hon. Minister of Mines and Steel Development Dr. Kayode Fayemi, is expected to preside over the meeting. In preparation for the Board Meeting, various committees set up by the board on various thematic areas of NEITI’s mandate have commenced meetings to generate reports on what has been achieved so far for possible consideration at the Board Meeting.

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A media Non-Governmental Organization - African Centre for Media & Information Literacy (AFRIMIL), has endorsed the whistle blowing policy in Nigeria as part of the ongoing fight against corruption. The organization popularly called AFRIMIL, sought the collaboration of NEITI on the policy.

The two organizations also agreed to work together in support of the whistle blowing policy and the protection of whistle blowers.

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The SERVICOM unit in NEITI is designed to ensure efficient coordination and quality services to NEITI multi-stakeholders.

The NEITI Executive Secretary, Waziri Adio, made the disclosure while receiving the National Coordinator of SERVICOM, Mrs. Nnenna Akajemeli.

Adio explained that the decision to set up the SERVICOM unit is to ensure that all the various departments perform their duties efficiently to meet their expectations in line with NEITI’s mandates.

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Global Rights in partnership with Civil Society Legislative Advocacy Centre (CISLAC) and the Nigeria Extractive Industries and Transparency Initiative (NEITI) hosted a two-day workshop tagged “Promoting Transparency, Fiscal Accountability and National Development in Nigeria’s Extractive Industry Governance” through transparency, accountability and the adaptation of international best practices, including EITI processes and the implementation of the African Mining Vision (AMV).

The workshop, which is part of a series of dialogues aimed at strengthening and increasing engagements between civil society actors and the government, engaged oversight institutions tasked with fostering transparency and fiscal justice in Nigeria’s extractive industry, in particular – the Nigerian Extractive Industries and Transparency Initiative (NEITI). It also appraised the Nigerian Mining Industry Roadmap against the backdrop and aspirations of the AMV, and the ECOWAS Mining Directive, with the aim of creating essential linkages for advocacy by civil society actors.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) says the time is now for Nigeria to embrace fully a robust policy to save for the rainy day and for the next generation from accruing oil and gas revenues.

The urgent measures that need to be taken include the immediate transfer of all revenues savings in the stabilization fund and the Excess Crude Account into the Nigeria Sovereign Wealth Fund.

In an occasional paper titled “a case for a robust oil savings fund for Nigeria”, NEITI alerted the nation that a national consensus on saving for tomorrow has become urgent to prepare the country to overcome frequent commodity price volatility and depletion of non-renewable resources.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for the transfer of all the country’s oil revenue savings into the custody of the Nigeria Sovereign Investment Authority (NSIA).

In an Occasional Paper tittled ‘‘the case for a robust oil savings fund for Nigeria”, NEITI stated that its position was informed by the transparency rating of the NSIA by the global Sovereign Wealth Institute. The NSIA had scored 9 out of 10 on the Sovereign Wealth Institute’s transparency index, the highest score by any African Sovereign Wealth Fund.

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