The Nigeria Extractive Industries Transparency Initiative (NEITI) has commenced an extensive audit of the oil and gas sector for 2015 and 2016.
Its Executive Secretary, Mr. Waziri Adio announced this in Lagos at a workshop for major oil companies and relevant government agencies expected to participate in the exercise.
According to a statement endorsed by its Director of Communication, Dr Orji Ogbonnaya, the independent audit of the oil and gas sector will examine the fiscal, physical and process issues from, within and among the companies and relevant government agencies.
Adio stressed that NEITI is committed to working closely with the companies under the EITI framework to create good business environment that is conducive for the inflow of more foreign direct investments into the extractive sector.
He added that, for this to happen, there is need to encourage all companies to embrace transparency, accountability and corporate governance in conformity with the EITI standards.
According to the report, major international oil and gas companies operating in the country were represented at the workshop.