The Extractive Industries transparency Initiative (EITI) has proffered strategies that resource rich countries can adopt to cushion the effects of the COVID 19 pandemic on their economies.

One of the strategies proposed is for these countries to increase their level of transparency in the management of government finances. Executive Director of the EITI, Mark Robinson advised resource rich countries to embrace contract transparency which is an emerging trend in the EITI to protect citizen’s interests and create a level playing field that benefits countries over the long term.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as laudable, the decision of the Nigeria National Petroleum Corporation (NNPC) to make public its audited accounts for the first time in its history with the publication of its 2018 Audited Financial Statement (AFS) on its website.

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  • Q1 2020 disbursement is the highest for the first quarter since 2014.
  • Lower remittances projected for the rest of 2020 on account of impact of COVID-19.
  • All tiers of government projected to struggle with revenues and need innovative approaches to weather the approaching storm.

Amidst the growing challenges of the COVID-19 pandemic and lockdowns across the world, the Federation Accounts Allocation Committee (FAAC) disbursed N1.95 trillion to the Federal, States, Local government areas and other statutory agencies in the first quarter of 2020.

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The curtain on the 4th NEITI Board, under whose tenure Nigeria attained Satisfactory Progress in the EITI ranking, was drawn to a close when it bowed out on Tuesday, 4th of February 2020.

The NEITI Board, otherwise known as the National Stakeholders Working Group (NSGW), will be remembered for the milestone achievements it recorded in its four years of overseeing the affairs of NEITI. For example, during the tenue of the board:

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The NEITI Quarterly Review reported that the sum of N8.15 trillion was shared between the Federal, States, Local governments and other statutory recipients in 2019, and this has made the 2019 disbursements the fourth highest since 2013.Notably, the 2019 disbursement is N377billion or 4.42% lower than the 2018 figure of N8.524trillion, but N1.728trillion or 26.92% higher than the total disbursements of N6.419trillion made in 2017. A review of the FAAC 2019 disbursement also revealed that the Federal Government received the highest disbursements (N3.37 trillion or 41.4% of the total disbursements), followed by the 36 states which got N2.761 trillion (33.9%) and the 774 local governments that shared N1.649 trillion (20.2%).

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