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....
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.
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.
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.
Oil majors delay investment on $23.5b offshore projects
International Oil Companies (IOCs) operating in Nigeria may have devised means to compel the Federal Government into changing its fiscal policy on the Petroleum Industry Governance Bill (PIGB).
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....