Summary
NEITI reports that 198 oil and mining firms, along with government agencies, have participated in an ongoing revenue audit. This includes a significant increase in compliance compared to past audits. The organisation continues to enhance its engagement with extractive industries to promote transparency and accountability.
The Nigerian Extractive Industries Transparency Initiative (NEITI) has confirmed that 198 oil, mining firms, and government agencies have engaged in the current audit of revenues within the extractive sectors. Executive Secretary Dr. Ogbonnaya Orji revealed this in Abuja during a meeting with civil society leaders. Of the 198 entities, 63 belong to the oil and gas sector, focusing on companies that pay royalties above $5 million. The solid minerals sector has 135 firms, each surpassing a N6 million threshold. NEITI is also auditing 14 agencies related to oil and gas and eight for solid minerals, requiring these agencies to report all revenues and expenditures. Notably, participation in this audit is greater than in 2021, where 190 companies took part. Orji affirmed the reconciliation process for the 2022/2023 reports is at an advanced stage, stating meetings for data validation recently concluded in Lagos. NEITI is enhancing engagement with stakeholders, including inviting Dangote Refineries to align with EITI standards. Furthermore, procurement processes for selecting consultants for Fiscal Allocation and Statutory Disbursement reports are nearing completion.
The NEITI is a regulatory body in Nigeria that aims to promote transparency and accountability in the oil, gas, and mining industries. The organisation conducts audits to reconcile revenue data to ensure that all payments made by companies are accurately reported and accounted for. This audit process is crucial for enhancing government accountability and ensuring that revenues from natural resources benefit the country. The current engagement involves a broader number of companies compared to previous audits, showcasing a growing commitment to compliance among extractive firms.
The ongoing audit led by NEITI demonstrates an increasing trend of participation among extractive companies in Nigeria, indicating improved compliance and commitment to transparency. With 198 entities, including key government agencies, involved, the findings from this audit are expected to provide clearer insights into the revenue management in the oil, gas, and mining sectors. The focus on additional engagements, such as with Dangote Refineries, highlights NEITI’s efforts to deepen relationships with industry stakeholders to uphold EITI standards.
Original Source: www.thisdaylive.com