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NEITI: Oil, Gas , Mining Reports on 168 Extractive Firms, Agencies Ready in June

NEITI: Oil, Gas , Mining Reports on 168 Extractive Firms, Agencies Ready in June

Emmanuel Addeh in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday announced its readiness to release the three reports on the oil, gas, mining and sectors by June.

It stated that the ongoing nationwide audit of the oil, gas and mining industries being conducted by NEITI covering 168 extractive companies and relevant federal agencies are currently at the data reconciliation stage, adding that the exercise covering the period 2021 is holding in different parts of the country.
A statement signed by the Deputy Director/Head Communications & Stakeholders Management quoted the Executive Secretary of NEITI Dr Ogbonnaya Orji as explaining that the objectives of the reports were to establish the quantities of minerals produced, utilised in the country and the quantity of crude legally or illegally exported or stolen.

“NEITI reports also seek to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.
“Other areas of focus by NEITI are to identify investments made by the federation or the federal government in the oil, gas and mining industries, track subsidy payments, company remittances and liabilities,” it added.
It further explained that the processes followed in various transactions, especially the basis for computation and remittances of all revenues payable to government such as taxes, royalties and rents are equally of interest to NEITI.

Orji explained that a total of 66 oil and gas companies and 14 government agencies were covered and currently with working NEITI in the sector audit.
The executive secretary noted that the level of cooperation by companies and government agencies covered by the audit were encouraging.
“From the preliminary reports we have reviewed, 62 companies fully complied with detailed information and data as contained in NEITI templates/checklist while we await full compliance by only four companies,” Orji added.

In the solid minerals sector, Orji noted that 102 companies were undergoing the NEITI Audit. The exercise which has reached advanced stage, he stressed, has recorded full compliance by 92 while NEITI was following 10 companies very closely.

“NEITI audit in the solid minerals industry is reviewing information and data on revenue streams, distribution of revenues, licensing process including register and allocation of licenses, information on beneficial ownership and the status of contribution of the solid minerals to the economy.
“ Other areas of interest include trend analysis of production volumes data, royalty payments, export destinations of Nigeria’s solid minerals and the sector’s relevance in shaping economic policy,” NEITI added.

On the fiscal allocation and statutory disbursement audit, NEITI said it was examining revenues received from oil, gas and mining producing states and statutory relevant government agencies and the utilisation of such revenues for development projects.
 In this particular NEITI audit, Orji stated that nine states and 14 federal agencies were covered.
“The states are Gombe, Nasarawa, Rivers, Delta, Anambra, Bayelsa, Imo, Kano and Ondo state. Out of the nine states, only two are yet to fully provide NEITI with relevant information and data,” the executive secretary said.

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