NEITI Releases 2017 Audit Report Next Week, Proposes N1.5bn for 2020

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By Adedayo Akinwale ín Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) Wednesday revealed that it would release the 2017 audit report next week, while that of 2018 will be released before the year runs out.

This is as the agency has also proposed a total of N1.5 billion for its 2020 operations.

Its Executive Secretary, Mr. Waziri Adio, disclosed this in Abuja while defending the agency’s budget before the House of Representatives Committee on Petroleum Resources (Upstream).

He stressed that since 1999 to 2016, nine audit reports had been done in the oil and gas sector, while seven audit reports in the solid minerals had been released.

Adio said that NEITI has earmarked N828 million for personnel cost, N337 million for overhead and N355 million for capital.

He added that a total of N1.3 billion was appropriated for the agency in the 2019 Appropriation Act, out of which a total of N789 million was earmarked for personnel cost, N277 million for overhead and N267 million was for capital expenditure.

Adio noted that N557 million was released for personnel, which represents 70.8 per cent, N138 million was released for overhead, which represents 50 per cent and nothing has been released for capital which represents 0 per cent respectively.

The Executive Secretary explained that the proposed 2020 budget would be used to cater for its activities and consumables, which include sporting events, publicity, local training, foreign trips, drugs and medicals, as well as monitoring and evaluation, among others.

Adio lamented that the poor release of overhead funds hinders the agency’s performance.

The Committee on Petroleum Resources (Downstream) therefore pledged to support the agency in its bid to achieve set objective of effectively policing the nation’s extractive industry.

The Deputy Chairman, Hon. Preye Osekesl, said that the committee would work with the agency and support it to achieve its objectives.