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 […]
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The Nigerian Petroleum Development Company owes the federation the sum of $5.531bn and N72.435bn, the Nigeria Extractive Industries Transparency Initiative has said. The NPDC is the upstream arm of the Nigerian National Petroleum Corporation and has the mandate of exploration and production of crude oil. NEITI stated that the unremitted funds from the NPDC fell […]
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NEITI, Nigeria Extractive Industries Transparency Initiative has called on the Federal Government to commission an independent investigation into the status and utilisation of all dividends and loan repayments by the Nigeria Liquefied Natural Gas Limited to the Nigerian National Petroleum Corporation. NEITI’s Executive Secretary, Mr. Waziri Adio, made the call in Abuja while speaking on […]
Read More Nigeria Extractive Industries Transparency Initiative on Tuesday called on the Federal Government to urgently recover the over $21.778bn and N316bn unremitted funds meant for the federation but allegedly held up by the Nigerian National Petroleum Corporation and its subsidiaries. It stated that if recovered, the funds could be used to finance the country’s Economic Recovery […]
Read More Payments from the Federation Account Allocation Committee to state governments fell by N1.453tn between 2013 and 2016, the Nigeria Extractive Industries Transparency Initiative has said. According to NEITI report, the fall from N3.095tn that the states received in 2013 to N1.642tn in 2016, represents a 46.9 per cent decline, which was higher than the plunge in […]
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Lagos State had the highest debt of N603.25 billion of all Nigerian states in 2016, as against its revenue of N410.5billion. Dr Orji Ogbonnaya Orji, the Director, Communications of NEITI made this known in the latest Quarterly Review of the Federation Accounts Allocation Committee (FAAC) by NEITI The report, which is the third in the […]
Read More The Nigeria Extractive Industries Transparency Initiative says the Nigerian National Petroleum Corporation is yet to remit $15.8bn collected from Nigeria Liquefied Natural Gas to the Federation account, in spite of the report submitted to the Federal Government. The Director Legal, NEITI, Mr Peter Ogbobine, said in Abuja on Tuesday that the figure was the accumulation […]
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The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, said the Nigerian National Petroleum Corporation withheld $12.9bn revenue between 2005 and 2013. He added that the 2013 Oil and Gas Audit Report revealed that some government agencies like the NNPC and its subsidiaries also withheld $3.8bn and N358bn. Adio said the […]
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Latest audit report by the Nigeria Extractive Industries and Transparency Initiative has accused the Nigerian National Petroleum Corporation of not remitting $3.8bn and N358.3bn to the Federation in 2013. According to Punchng, The Chairman of NEITI, Kayode Fayemi, disclosed this on Monday while presenting the 2013 audit reports of the agency in Abuja. Citing the […]
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PRESIDENT Muhammadu Buhari has approved the appointment of a new National Stakeholders Working Group (NSWG) also known as Governing Board for the Nigeria Extractive Industries Transparency Initiative (NEITI). According to a statement issued by the Director (Press) in the Office of the Secretary to the Government of the Federation (OSGF), Bolaji Adebiyi, the new Governing […]
Read More THE country generated N113bn from the solid minerals sector in five years, the Nigeria Extractive Industries Transparency Initiative has said. According to NEITI, the amount is poor when compared to the sector’s enormous potential and capability to be one of the major revenue earners for the nation. The Acting Executive Secretary, NEITI, Dr. Ogbonnaya Orji, […]
Read More … As NNPC recounts removal of subsidy The Nigeria Extractive Industries Transparency Initiative (NEITI) has given a nod to the proposed oil subsidy removal, stating that government would save N700 billion yearly from it. According to statement from the Acting Director of Communications, Obiageli Onuorah, the Acting Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, […]
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