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…
Nigeria earns N43.2b from solid minerals as government, others share N9.9b
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday in Abuja said Nigeria’s solid minerals sector contributed a total of N43.22billion to government revenue in 2016.
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.
NNPC, others yet to remit $22.06b, N481.75b
The Nigerian National Petroleum Corporation (NNPC), its subsidiary, Nigerian Petroleum Development Company (NPDC), and companies in the oil and gas sector are yet to remit $22.06 billion...
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.