The Nigerian Extractive Industries Transparency Initiative, NEITI, has revealed that its nationwide reconciliation and validation of revenues in the oil, gas, and mining sector will cover one hundred and ninety-eight, 198 extractive companies and government agencies.
The agency said out of the 198 companies, 63 are in the oil and gas industry, meeting the materiality threshold of a minimum royalty payment of five million dollars, $5m, while 135 companies, which met the materiality threshold of six million naira, N6m are from the solid minerals industry.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, announced this in Abuja while addressing a meeting of leaders from civil society organizations involved in the extractive sector.
He said 14 of the government agencies that either receive, take custody or manage oil, gas and mining revenues while 8 relevant agencies for the solid minerals sector are covered by the ongoing NEITI industry reports.
NEITI noted that the agencies are obliged to disclose all payments received and the expenditures incurred during the period under review.
Dr. Orji explained that the level of participation of extractive companies in the ongoing industry audit is higher than in the last exercise conducted in 2021, where 190 oil, gas, and mining companies were covered.
”This included 121 solid mineral companies and 69 oil and gas companies that met the materiality threshold of five million dollars and three million naira in royalty payments, respectively, for reconciliation in the oil, gas, and mining sectors.
“The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage,” disclosed Dr Orji. He added that the data reconciliation and validation meetings for the oil and gas extractive companies and relevant government agencies were held and concluded in Lagos last week.
”NEITI is tracking revenues earned between 2022 and last year, the quantity of oil, gas, and mining produced, consumed, or imported or exported, the revenues earned and remitted to appropriate government coffers, and the relevant government agencies that collected or expended such revenues.
”NEITI is also tracking how the processes undertaken during these transactions are measured up to the standards of transparency and accountability in line with the global Extractive Industries Transparency Initiative (EITI), of which Nigeria is a signatory and a founding member”.
Over 190 oil, gas, mining companies, agencies to undergo NEITI audit
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
