THE country risks suspension from the Extractive Industries Transparency Initiative (EITI) following the failure of Nigerian Extractive Industries Transparency Initiative (NEITI), to release its 2013 oil and gas audit report.

The Federal Government’s dissolution of the NEITI board stalled the release of the report, which has been ready since December 31, 2015. The board must give its approval before the report is made public.

The EITI international board is scheduled to meet in Lima, Peru on February 22 where Nigeria’s suspension may likely be announced.

The new EITI board headed by Fredrik Reinfeldt would be taking over the organization from Clare Short, who has competed her two-year tenure.

EITI said Nigeria was in breach of its rules and standards after failing to publish the reports on December 31, 2015.

EITI’s Deputy Head and Regional Director for Africa and the Middle East, Eddie Rich, said though the reasons advanced by NEITI for missing the deadline were clearly understandable, decision on the issue would be guided by the EITI rules.

Rich, who spoke at a meeting with civil societies and the media during the visit of new EITI Chair, Fredrik Reinfeldt, to NEITI, said Nigeria still has enough time from now till the EITI meeting in Lima, Peru, to publish the reports.

He said: “We have a standard with requirements and rules and that is the currency, that is the power, that is why you value the EITI standard, that is why other countries value it. So getting this rare balance between a very understandable real politics issue, you have here in Nigeria and the need for the straight interpretation of the requirements, that’s the balance they playing it at the moment.

I can’t say with any confidence, which way that’s going to go. According to Rich, “I have to tell you there is a significant possibility of Nigeria’s suspension and I am sorry to have to say that. That is possible, of course. Whatever the final decision, we shall do our best to make sure the board takes that decision in an informed way, with true understanding of what the issues are in Nigeria.”

Rich further explained that if Nigeria is suspended, the country has the opportunity of getting the suspension automatically lifted if the audit reports are published within the next six months, adding that failure to publish it within the six months timeframe will warrant the publication of the 2014 report before the suspension would be lifted.