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....
CSR-in-Action partners NEITI, FMPR, FMMSD to promote local refining by 2019, hosts SITEI 2018
Foremost business sustainability outfit, CSR-in-Action, in partnership with the Nigerian Extractive Industries Transparency Initiative (NEITI)
CSR-in-Action partners NEITI, others to promote local refining by 2019
CSR-in-Action, in partnership with the Nigerian Extractive Industries Transparency Initiative (NEITI), the Federal Ministry of Petroleum Resources (MPR), Federal Ministry of Mines and Steel Development...
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…