NEITI Saves Govt N125bn in Three Years

By Luka Binniyat
Bauchi

As the Nigerian Extractive Industries Transparency Initiative (NEITI) kicked off its Road Show for the North East Zone yesterday in Bauchi, the Chairman of NEITI, Dr. Siyan Malomo, claimed the initiative has been able to put in checks in the leaks in the payment of oil and gas revenue leading to the saving of N125 billion for the federal government.

Also, Malamo said that as mark of showing that the mining sector is set for a renaissance, the Mining Casdastal office, headed by Professor Ibrahim Garba, has N120 million from the issuance of mining titles to hundreds of investors in the past one year.

But the Chairman of the Economic and Crimes Commision (EFCC), Alh. Nuhu Ribadu, at the same occasion, picked holes in the NEITI Act, saying it lacked enforcement rights, and called on NEITI to immediately propose an amendment into the Act.

Malomo who said that NEITI leading the pact of other EITI countries, said that from studies made by the Technical Department of NEITI, some of the lapses that led to lose of extractive revenue in the oil and gas industry has been curtailed leading to the saving of about N125 billion ($1 billion) in the past three years.

He did not however elaborate on how it was achieved.
"Despite the fact that these are significant achievements by any standards ...

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