National Assembly to address transparency in oil sector with parliamentary forum
Senate and House of Representatives committees on extractive industries have concluded arrangements to address the challenges of transparency and accountability in the oil sector through a parliamentary forum.
FG embarks on accelerated revenue drive through lease renewal
Following a legislative inquiry into lease renewal, industry regulator, the Department of Petroleum Resources (DPR), has reiterated that it followed due process in validating licences for oil and gas prospecting in Nigeria.
Poverty, infrastructure gap persist amid $48b oil earnings
Though Nigeria has in the past 10 years made about $484 billion from crude oil (about N150 trillion going by current exchange rate of N305/$1), the country’s level of poverty and infrastructure decay have reportedly moved from bad to world worst.
How FG loses crude earnings to IOCs metering
The Federal Government’s reliance on the International Oil Companies (IOCs) to determine the quantity of oil production is negatively affecting the country’s crude earnings.
Nigeria’s solid mineral revenue hits N262b in nine years
Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015.
NEITI laments revenue loss, seeks urgent review of production contracts
The Nigeria Extractive Industries Transparency Initiative (NEITI) has declared that the old agreement used in computation of revenues to be shared between the government and oil companies is no longer acceptable, calling for urgent review.Despite the fact that the country earned $104.484 billion from oil between 2015 and 2017...
NEITI seeks review of laws on oil, gas contracts
Nigeria Extractive Industries Transparency Initiative (NEITI) has canvassed a review of obsolete laws in the oil and gas contracts. NEITI’s Executive Secretary, Waziri Adio, made the call at the unveiling of NEITI dashboard in Abuja. He blamed the Federal Government for not being proactive in the review of extant laws guiding multinational oil companies. According…
Ezekwesili, ex-DRP boss seek legal status for Excess Crude Account
Former Minister of Education, Mrs Obiageli Ezekwesili and former Director of Department of Petroleum Resources, Olsten Olorunsola have urged the National Assembly to legalise the Excess Crude Account to prevent wastage of oil earnings.
CSR-in-Action partners NEITI to resolve conflict in extractive sector
A sustainability consulting and advocacy outfit, CSR-in-Action Advocacy, and its partners have scheduled to hold the 7th Sustainability in the Extractive Industries (SITEI) Conference and Exhibition, at the Shehu Musa Yar’adua Centre, Abuja, between May 21 and 22. Partners include the Nigerian Extractive Industries Transparency Initiative (NEITI); the Federal Ministries of Petroleum Resources, and Mines…
NEITI urges government to limit spending as oil price hits $70 per barrel
The Nigeria Extractive Industries Transparency Initiative (NEITI) has cautioned the three levels of government against unbridled spending following the steady rise in the price of crude oil.The Agency, in the latest edition of its quarterly review released in Abuja yesterday....