The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed concern that Nigeria’s oil production has been on a steady decline since 2012. According to NEITI, the sharpest decline within these periods were recorded in 2015 and 2016. NEITI equally stated in its 2016 audit report of the country’s oil and gas industry that lifting of […]
Read More The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the recovery of proceeds from corrupt financial acts which denies perpetuators the benefits of such crimes will advance Nigeria’s desire to end endemic corruption in the country. Speaking at a recent event organised by the Inter-Agency Task Team (IATT), to mark the 2018 International Anti-Corruption Day […]
Read More Despite its under-performance, the solid minerals sector contributed ₦87.61 billion to the country’s Gross Domestic Product (GDP) in 2016. This represented 0.13 percent of the total GDP of ₦67. 9 trillion for the year. The performance figure of the industry is contained in an audit report of the solid minerals sector released yesterday by the […]
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The Federation Accounts Allocation Committee (FAAC) has disbursed ₦3.946 trillion in the first half of 2018 to Federal, State and Local Governments, the Nigeria Extractive Industries Transparency Initiative (NEITI) quarterly report has revealed. The report released in Abuja, on Monday, noted that amount rose by 41.4 per cent compared to ₦2.788 trillion disbursed in the […]
Read More The group monetary loss of the Nigerian National Petroleum Corporation for 2015, 2016 and 2017 is ₦547bn, the latest review of the oil firm’s financial and operations reports in the period has revealed. According to the review, which was done by the Nigeria Extractive Industries Transparency Initiative and released in Abuja on Sunday, the refineries […]
Read More The delay in passing the Petroleum Industry Bill (PIB) is said to have cost the country over $200 billion, the Executive Secretary of Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, has disclosed. Adio stated this at a symposium on the Next Steps for PIB convened by NEITI in Abuja yesterday. A worried Adio […]
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The Nigerian Extractive Industries Transparency Initiative (NEITI) has tasked the Nigerian National Petroleum Corporation (NNPC) to fully account for $16.8 billion dividends derived from the Nigerian Liquefied Natural Gas (NLNG). The agency also urged the Federal Government to ensure the proper metering of oil facilities and the recovery of $3.7 billion outstanding revenues from the […]
Read More The Nigeria Extractive Industries Transparency Initiative (NEITI) on Friday said the nation’s gas production rose by 20.23 per cent in 2015. NEITI said this in Abuja in its audit-covered operations in the country’s oil and gas industry for the period of 2015. According to the report, the country’s gas production rose by 20.23 per cent […]
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The Nigeria Extractive Industries Transparency Initiative, NEITI has advised Nigeria to apply restraint in spending oil revenues, in view of the experience from economic recession and instability in the oil market. The agency said the time had come for the country to embrace a robust saving culture, irrespective of whether oil prices are low or […]
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The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed satisfaction as 14 companies and agencies have met a compliance level of 100 per cent in its ongoing independent audit of the oil and gas industry covering 2015. According to NEITI’s spokesman, Dr. Orji Ogbonnaya Orji, the 14 companies are Chevron Nigeria Ltd, Consolidated, Continental, Eroton, […]
Read More For better management, accountability and probity, the Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, called on the Federal Government to immediately transfer the $95 million currently in the Stabilisation Fund and the $2.3 billion in the Excess Crude Account (totalling $2.395 billion) into the Sovereign Wealth Fund (SWF) domiciled with the Nigeria Sovereign Investment Authority […]
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Nigeria may have lost about $64 million ( about ₦2 trillion) between the second quarter of 2015 and the first quarter of 2017 to poor metering of its oil wells. Oil As part of the efforts to curb corruption in the oil and gas industry, former administration of President of Goodluck Jonathan had approved the […]
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