2009-2011 OIL AND GAS INDUSTRY AUDIT REPORT: NEITI AND PPPRA RECONCILE ISSUES

Following the sustained media engagements between the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Petroleum Products Pricing Regulatory Agency (PPPRA) over the recently released 2009-2011 industry audit of the oil and gas sector, and the findings as they affect PPPRA, a joint meeting between the two agencies was held on 13th August, 2013 in Abuja with the management of the two agencies in attendance.

The Joint Reconciliation Meeting, after exhaustive and useful deliberations resolved as follows:

   

  1. That the sum of N4.423 Billion in dispute has been reconciled and traced to the Petroleum Support Fund (PSF) account domiciled with the Central Bank of Nigeria.

  2.     
  3. There is nothing outstanding against PPPRA on the said amount.

  4.    
  5. The meeting evolved strategies for both NEITI and PPPRA to address other issues arising from the NEITI Report, using the platform of the Inter-Ministerial Task Team (IMTT) set up by Mr. President to address remedial issues arising from NEITI’s Audit Reports.

  6.    
  7. The meeting also resolved to ensure effective communication network between the two agencies for effective inter-Agency Cooperation in the pursuit of their mandates

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