The Nigeria Extractive Industries Transparency Initiative (NEITI) has commenced the review and approval process for its 2021 Oil, Gas and Solid minerals reports.
This involves the engagement of multi-stakeholders comprising representatives of Companies, Civil Society and government who are invited to review, deliberate and approve the reports.
Speaking at the Stakeholders roundtable on Wednesday in Abuja, the Executive Secretary, NEITI, Dr. Orji Ogbonnaya said the Extractive Industries Transparency Initiative standards require that the Multi Stakeholders Group (MSG) which oversees the EITI reporting process and implementation in countries approve the industry reports produced before they are released to the public.
However, he said because Nigeria’s MSG known as the National Stakeholders Working Group(NSWG) was among the Board of MDAs dissolved by the President in June 2023, the international secretariat agreed that the review and approval process be carried out locally.
” This is not the first time we are adopting this approach as you will recall that we had similar experience when approving the 2019 industry reports immediately after my assumption of office.
” We had no board then. The global EITI gave Nigeria a waiver and approved that NEITI should convene a multi stakeholders’ roundtable to review and approve the release of the reports,” he said.
He explained that the 2021 industry reports of the oil, gas and mining sectors covered a total of 69 companies and 12 government agencies and a state owned enterprise.
Also, he said a total of 1214 companies with three government agencies were covered in the report on the solid minerals sector.
He noted that the objectives of reports were to establish the quantities of minerals produced, utilised in the country.
” the reports also sought to establish the revenue paid by the oil and gas and mining companies and how much of such revenues were actually received into government coffers.
” Other areas of focus by NEITI are to identify investments made by the Federation or the FG in the oil and gas mining industries, track subsidy payments, company remittances and liabilities,” he added.
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