The Nigerian Extractive Industries Transparency Initiative (NEITI) welcomes the current move by the Federal Government of Nigeria to reform the Nigerian petroleum industry, particularly the present process of enactment of the Petroleum Industry Bill, as the framework upon which the various other reform initiatives will rest. We share the expectations of Nigerians and the government is that, when finally enacted, it will meet their aspirations, of promoting the emergence of an open and transparent industry that ensure optimal government take, for the benefit of the generality of Nigerians.
NEITI’s submissions are premised on these expectations, and are fully in line with its legal mandate as the monitor of Nigeria’s extractive industries. The purpose of this Memorandum is to assist the National Assembly in its bid to ensure the enactment of a Bill that promotes the emergence of a developed and prosperous nation, through the responsible and efficient utilization of our God-given oilwealth. NEITI has thoroughly examined the Bill and all salient aspects related to it. It is of the view is that it would be best for the created institutions to conform with internationally accepted principles of good governance.