(3 minutes read)
Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji stated that the extractive industries recorded US$741.48 billion as revenue earnings to government coffers from the sector between 1999 and 2020. This positive development would help the successful implementation of PIA
Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji stated that the extractive industries recorded US$741.48 billion as revenue earnings to government coffers from the sector between 1999 and 2020. This positive development would help the successful implementation of PIA.
Nigeria’s Petroleum Industry Act (PIA) 2021, which was recently signed into law, is one of the bold attempts to overhaul the petroleum sector in the country, seeking to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry.
Orji said that emerging issues in the global Extractive Industries Transparency Initiative (EITI), and NEITI’s obligation under the PIA forced the NEITI to review its enabling law. NEITI has the mandate to promote transparency and accountability in the extractive sectors, which is a multi-stakeholder platform for dialogue on natural resources governance, Orji added. The new legislation, which came into effect in 2021, further created the need for transparency and accountability in Nigeria’s petroleum sector.
Read Also:
https://trendsnafrica.com/number-of-projects-abandoned-midway-in-nigeria-increases/
NEITI conducted and published 25 cycles of audit reports in the oil and gas sector, covering the 1999-2020 period, where a total of US$$741.48 billion was recorded as revenue earnings to government coffers from the sector. The 2021 oil and gas sector audit is currently ongoing and will soon be released, Orji said, adding that NEITI audits had led to the recovery of several billions of dollars by the government from companies operating in the sector.
