The Federal Government has reaffirmed its irrevocable commitment to the implementation of the principles, objectives and standards of the Extractive Industries Transparency Initiative (EITI) in Nigeria’s oil, gas and mining sectors.

President Muhammadu Buhari re-affirmed Nigeria’s commitment to the EITI during his inauguration of the newly constituted 15 member National Stakeholders Working Group (NSWG) also known as the Governing Board of the Nigeria Extractive Industries Transparency Initiative (NEITI) today in Abuja.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Ministry of Mines and Steel Development (MMSD) have committed to strengthen cooperation to improve revenue contributions from mining sector to the Federation account.

The two organizations made the commitment yesterday when the NEITI’s Executive Secretary led a team of his management staff on a courtesy visit to the Honourable Minister of Mines and Steel Development, Arc. Olamilekan Adegbite in his office in Abuja.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with excitement, the bold step by both chambers of the National Assembly to pass the Petroleum Industry Bill (PIB).

In a statement in Abuja today, shortly after the NASS decision, the Executive Secretary of NEITI Dr, Orji Ogbonnaya Orjidescribed the decision of the Senate and the House of Representatives to consider the Bill as priority resulting in its eventual passage as bold, courageous and progressive. This is given the challenges the bill has passed through in its legislative journey for over fifteen years.

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The National Assembly (NASS) says it had since identified the Nigeria Extractive Industries Transparency Initiative (NEITI) as one of the Federal Government Agencies that has exhibited exemplary competency, efficiency and integrity in the discharge of its functions and public finance management. 

The Deputy Chairman of the House Committee on Petroleum Resources Upstream, Honorable Preye Oseke made these remarks when he led the members of the Committee on monitoring and oversight visit to the NEITI Secretariat in Abuja.

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  • NNPC Restates Commitment to Beneficial Ownership & Contract Transparency.

The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged Nigerians and stakeholders in the country’s oil, gas and mining sectors to celebrate key achievements, progress and milestones that have been recorded, through the mechanism of the global Extractive Industries Transparency Initiative (EITI) annual progress reporting.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji stated this recently in Abuja while delivering his opening remarks at a stakeholder’s workshop on the Extractive Industries Transparency Initiative (EITI) Annual Progress Reporting (APR), convened by his agency.

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  • Earnings from the sector 15% higher when compared to 2018 figures
  • 2019 revenues sets highest record in 13 years of NEITI audit of the sector
  • Seven abandoned mining sites reclaimed at the cost of N534.81Million
  • Recommends comprehensive tax audit to recover all unpaid taxes by companies

The Nigeria Extractive Industries Transparency Initiative (NEITI) reports that Nigeria earned N79.96bn from the solid minerals sector in 2019. The figure which represents accruals to the Federation and other subnational entities shows a 15% increase when compared to the N69.47Bn recorded in 2018.

These information and data are contained in the 2019 audit report of the solid minerals sector released by the Nigeria Extractive Industries Transparency Initiative (NEITI) today in Abuja.

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•Increase of 4.88% when compared to the Earnings from the sector in 2018.

N518.074Billion deducted as payment for under-recovery on PMS

Report Calls on government to recover debts from companies 

Nigeria earned a total sum of $34.22billion from the oil and gas sector in 2019. The figure represents an increase of 4.88% over the $32.63billion revenue netted from the sector in 2018. A breakdown of the earnings showed that payments by companies accounted for $18.90billion, while flows from Federation sales of crude oil and gas accounted for $15.32billion.

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