ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, April 19, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
NEITI Logo

NEITI Logo

NEITI audits: National Assembly  to constitute parliamentary forum

byBassey Udo
August 13, 2018
2 min read

An Extractive Industries Transparency Initiative (EITI) parliamentary group is to be established by the National Assembly as part of efforts to address remedial issues in the Nigerian EITI audit reports.

The Executive Secretary of NEITI, Waziri Adio said the new group is expected to draw membership from relevant oil and gas committees in both the Senate and House of Representatives.

Mr Adio said in a statement sent to PREMIUM TIMES on Sunday that the group would be coordinating legislative actions on implementation of remedial issues identified by the NEITI independent audit reports in the extractive industry.

He said the Forum would also promote and strengthen intra-legislative committee relations, engagements and outreach on important issues requiring urgent legislative intervention and advocacy.

The NEITI executive secretary used the occasion to acknowledge the cordial working relationship between NEITI and the National Assembly, especially in areas of monitoring and oversight of the oil and gas industry.

NEITI audit reports

Since its inception in 2004, the NEITI has conducted eight independent audits in the oil and gas sector (1999–2004, 2005, 2006-2008, 2009-2011, 2012, 2013, 2014, 2015) and one in the solid minerals sector (2015).

All the reports have always been accompanied with recommendations based on findings relating to violations of stipulated laws and regulations on revenue or tax remittances by companies or receipts by government and its agencies.

Regrettably, majority of these recommendations have always been observed in breach by the companies and the various government agencies, as there are no legal authority to NEITI to enforce compliance or issue sanctions for ignoring them.

RelatedNews

Judiciary Workers’ Strike: Labour minister to hold fresh meeting with governors, NBA, JUSUN, others

We’ll continue to assist our close neighbours – Buhari

Nigeria’s foreign policy full of contradictions – Gbajabiamila

JUSUN Strike: Independence of judiciary not negotiable – Senate

Concerned about the recurring disregard to the recommendations in the reports, participants in a retreat in Lagos for members of the National Assembly on EITI implementation in Nigeria resolved to set up the parliamentary group to attempt to put a stop to it.

The Chairmen of the relevant committees on extractive industry issues in both the Senate and the House of Representatives explained the NEITI Reports usually contain comprehensive information and data as essential tools for national planning.

At the retreat, which was supported by Trust Africa Project, a non-governmental organisation, lawmakers and their aides were exposed to the principles, processes, methods and benefits of EITI implementation in Nigeria and the role of the legislature in the EITI value chain.

Dangote adbanner 728x90_2 (1)

NEITI cover commodity trading

In a related development, NEITI says it has expanded its operations in the oil and gas industry to cover Commodity Trading.

Director, Communications and Advocacy, Ogbonnaya Orji, disclosed this at a workshop for government agencies and oil trading companies.

Mr Orji said NEITI’s decision to move into commodity trading was in line with the agency’s mandate, in compliance with EITI 2016 global standards.

He told participants that the overall objective of NEITI’s interest in commodity trading was to “improve transparency in the sale of the State’s share of production by government and State-owned enterprises among others.”

Calling on companies and government agencies involved in commodity trading to carefully study the developed templates by NEITI, he said this would help them internalize the new reporting requirements as part of their respective overall business model.

ADVERTISEMENT

Representatives of government agencies, oil and gas companies welcomed NEITI’s decision to expand its operations to commodity trading, in view of the importance of transparency, fair competition and good business ethics.

The participants also advised NEITI to focus on ensuring accurate data on production, accurate measurement of volumes of government equity crude oil, including crude condensate, crude allocation for export and domestic use, accurate computation of in-kind revenues, taxes and royalty.

The agencies, petroleum products marketers and crude oil trading firms also identified marketing contracts and related agreements, process of transfer of income from sales of equity crude, liftings and other similar transactions as other key areas in commodity trading for NEITI to pay attention.

The workshop reviewed the templates developed to reconcile transactions in this sector and resolved to give the Marketers/Traders time to study and make inputs.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Coal mine collapse kills seven in South-western Pakistan

Next Post

2019: Why it is hard for Igbo to produce Nigeria’s president – Okorocha

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

United Bank for Africa (UBA) building used to illustrate the story

UBA’s first quarter profit expands by 25% on higher interest earnings

April 19, 2021
Nigeria Customs intercepts container of jollof rice, yam porridge, egusi from India

Jollof rice ‘inflation’ rises 7.8% in March

April 19, 2021
Access Bank

Access Bank enters pact to buy majority interest in Botswana bank

April 19, 2021
Maps showing Niger Delta States [PHOTO CREDIT: Nigerian Infopedia]

How job opportunities can solve Niger Delta unrest – Group

April 18, 2021
Dollar and Naira bills [Photo credit: NairaFX]

Naira falls at official market

April 17, 2021
President Muhammadu Buhari at the National Assembly

Capital budget implementation worst in Cross River, Ogun, Imo — Report

April 17, 2021
Next Post
Rochas Okorocha, Imo state governor

2019: Why it is hard for Igbo to produce Nigeria's president - Okorocha

falconets-haiti (1)

Nigeria v China: Falconets seek to be different from Eagles in similar situations

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Explore Akwa Ibom Ad


Explore Akwa Ibom Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,654,417 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
    • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.