•Increase of 4.88% when compared to the Earnings from the sector in 2018.

N518.074Billion deducted as payment for under-recovery on PMS

Report Calls on government to recover debts from companies 

Nigeria earned a total sum of $34.22billion from the oil and gas sector in 2019. The figure represents an increase of 4.88% over the $32.63billion revenue netted from the sector in 2018. A breakdown of the earnings showed that payments by companies accounted for $18.90billion, while flows from Federation sales of crude oil and gas accounted for $15.32billion.

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Nigeria has been appointed the chair of the Extractive Industries Transparency Initiative (EITI) global Network on Contract Transparency. The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji is to chair the global initiative on behalf of Nigeria. 

The appointment was announced by the Country Manager of EITI for Anglo phone countries Dr Mike Uzoigwe at the closing ceremony of a week-long knowledge sharing sessions and retreat for management and staff of NEITI held in Abuja.

The EITI global network on Contract transparency is tasked with the specific responsibility of developing a global framework, standard and tools of engagement on Contract Disclosures in the extractive industries to guide in the 54 member countries of EITI.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for a stronger and deeper partnership with the media in its advocacy to ensure prudent management of Nigeria’s natural resources.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji made the call during courtesy visits to media houses in Lagos. The visits took the NEITI Chief Executive to the Chairman of Channels Media group, Dr. John Momoh and the Managing Directors of Arise News and Thisday Newspapers, Ms Ijeoma Nwogwugwu and Mr Eniola Bello respectively in Lagos.

"I am in Lagos to thank my colleagues in the media for their support and solidarity on my appointment and to seek collaboration and partnership. I regret that I am unable to visit all but only a few as a result of time and the Lagos traffic but will do so in the near future", Dr. Orji appealed. 

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The Federal Government says the operation of the Nigeria Extractive Industries Transparency Initiative (NEITI) has helped to mobilise and improve government revenue flows.

The Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed stated this while declaring open a Knowledge Sharing Session themed ‘’Continuity and Consolidation: Linking NEITI Reports to Impact’’ held for the Management and Staff of the Agency in Abuja.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Department of Petroleum Resources (DPR) have agreed to work together to deepen Nigeria's implementation of Contract Transparency and Beneficial ownership disclosures. 

The commitments will enable Nigeria to meet the compliance standards required in the implementation of beneficial ownership disclosure, contract transparency, environmental reporting, gender, mainstreaming and the implementation of recommendations in the NEITI audit reports as it concerns the DPR.

The two agencies made the commitments in Lagos at a strategic meeting between the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, and the management of the DPR led by the Director of the agency, Engineer Sarki Auwalu.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have established a joint cooperation arrangement on anti-corruption issues in the extractive industries.

Under the joint cooperation arrangement, the ICPC is to set up a special extractive industry desk while NEITI is to feed the desk with information and data on extractive industry revenue process abuses, lapses and corruption issues.

These were part of the resolutions reached at a meeting of the two organisations led by the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji and the Chairman of the ICPC, Professor Bolaji Owasanoye.

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The Federal Ministry of Environment has offered to provide NEITI with the institutional platform to implement the environmental compliance requirements in the EITI Standard.

The platform requires providing easy access to available reports on environment impact assessments, existing policies and reports on environmental pollution as well as strategic direction on government’s action plan for the environment which will guide NEITI’s engagement on environment issues.

Minister of State for Environment, Sharon Ikeazor made the offer in Abuja at a meeting with the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji.

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