Illegal miners take over as Nigeria ignores solid minerals sector
With artisanal mining in Nigeria, especially solid minerals mining, rising to about 80 per cent, the Nigerian economy is said to be losing huge fortunes...
FG, states, councils shared N2.28tr in Q3
Disbursements from the Federation Account Allocation Committee (FAAC) to the three tiers of government have been on a steady rise in 2018. An analysis of documents from the Nigerian Extractive Industry Transparency Initiative (NEITI) yesterday showed that N2.28 trillion was shared in the third of this year, sustaining the upswing in the three quarters. The…
Why corruption thrives in Nigeria, by NEITI
The Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), a department under the Nigeria Extractive Industries Transparency Initiative (NEITI), has said that absence of a robust ethical framework within institutions is fuelling lack of transparency, mismanagement of funds and poor leadership. In a report titled “Scoping Survey and Gap Analysis of the Ethics Framework in…
NEITI clarifies reports on alleged unremitted oil revenues
The Nigeria Extractive Industries Transparency Initiative (NEITI) has said unremitted $22.06 billion and N481.75 billion by Nigerian National Petroleum Corporation (NNPC) and others to the Federation Account are legacy issues in its 1999-2015 audit reports.
NEITI wants immediate action on remediation issues from audit report
The Nigerian Extractive Industry Transparency Initiative (NEITI) on Monday called for urgent action on some of the remediation issues identified in its audit reports on the industry to ensure value on investment.
FG, states, councils get N3.95tr in six months
The federal, state and local governments shared N3.95 trillion from the Federation Account in the first half of 2018.The disbursements by the Federation Accounts Allocation Committee (FAAC) represent an increase of 41 per cent compared with the N2.79 trillion....
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.