The report is to be released on Monday in Abuja.
The Nigeria Extractive Industries Transparency Initiative (NEITI) is to formally present to the public, Nigeria’s first comprehensive audit reports on the country’s extractive industries.
The report to be presented by the Minister of Finance, Ngozi Okonjo-Iweala, covers from 2009 to 2011 for the oil and gas sector and 2007 to 2010 for the solid minerals sector.
NEITI’s Director, Communications, Ogbonnaya Orji, said key findings and recommendations obtained after the comprehensive audits of the extractive Industries by the two consultants hired to conduct the audits would be released on Monday in Abuja.
Sada Idris & Co. was appointed with a mandate to conduct the audit in the oil and gas industry, while Haruna Yahaya & Co. was hired to conduct the first Nigeria’s solid minerals sector audit.
Mr. Orji restated the purpose of the audits to include the need to establish revenue flows, quantity of productions and appraise the governance processes in the sector.
He said a comprehensive report on payments by companies operating in the two sectors, and government’s receipt of revenues through institutional and governance issues in the industries are contained in the report.
Chairman of NEITI Board, Ledum Mittee and the Executive Secretary, Zainab Ahmed, are expected to present the reports, with legislators, members of the diplomatic community, donor agencies, representatives of ministries departments and agencies (MDAs), key players in the oil, gas and mining sectors, and the civil society expected to witness the presentation.
Nigeria voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI) in 2003, established NEITI in 2004, and supported the initiative with a specific Law in 2007 with the objective of enthroning transparency and accountability in the management of the Nigeria’s extractive industry revenues.
The goal is to ensure that the revenue realised from the industry helps in supporting national development and poverty reduction among Nigerians.
NEITI has in the past complained of non-implementation of its annual reports on the extractive sector by the federal government.
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