NEITI expresses concern over non-implementation of reports
The Nigeria Extractive Industries Transparency Initiative (NEITI), has expressed concern over the non-implementation of its findings and recommendation concerning dealings in the oil and gas industry. The Executive Secretary, Waziri Adio, while speaking in Abuja recently, said there several reports with far-reaching recommendations that have been placed in the public domain with clear challenges…
Nigeria loses N1.74 trillion to absence of petroleum law
Nigeria lost N1.74trillion to the absence of the Petroleum Industry Governance Bill (PIGB) in 2013, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). NEITI in a media statement, signed by Director, Communications & Advocacy, Dr Orji Ogbonnaya Orji, on Sunday, commended the National Assembly for the passage of PIGB, NEITI saying the sector…
Nigeria’s Oil Earnings dipped by 55% to $24.8b in 2015, says NEITI
Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, while the country’s oil production fell from 798 million barrels in 2014 to 776 million barrels in 2015, a new oil and gas audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. The report, tagged, ‘NEITI…
Federal Government loses N3tr to illegal gold, lead mining, others
The Federal Government yesterday declared it lost about N3.23trillion ($9billion) in revenue that should have accrued from gold exports, putting the blame on activities of illegal miners.
Nigeria earns N271.77bn from solid minerals in eight years
Nigeria earned a total of N271.77 billion from 2007 to 2015, according to the latest data from the Nigeria Extractive Industries Transparency Initiative (NEITI).
Information ministry, NBC, 91 others not complying with FOI act, says report
A report by the Public and Private Development Center (PPDC) has revealed that the Federal Ministry of Information and Culture, the National Broadcasting Commission...
Ugolor: Governors taking advantage of weak assemblies to borrow aggressively
The debt profile of most of the states is very scary and they are on the verge of going into insolvency, if not already insolvent.
NNPC refunds of N450bn shared among states, local governments
The Nigerian Extractive Industry Transparency Initiatives (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC), completed the refund of N450billion to the Federation Account by April 2017, which has been shared among states and local government councils.
Three tiers of government shared N2.8tr in six months, says NEITI
The three tiers of government shared N2.788 trillion between January and June this year, which represents a 38 per cent increase on the N2.019 trillion shared within the same period last year.
Nigeria records less than 0.5 per cent oil savings in 11 years
Despite generating revenue from crude oil export from 2005 to 2015, Nigeria recorded less than 0.5 per cent savings in its Excess Crude Account (ECA), according to the Nigeria Extractive Industries Transparency Initiative (NEITI).