NEWS

2015 NEITI Oil, Gas Report Out Soon

The 2015 independent audit report of the oil and gas industry commissioned by the Nigeria Extractive Industries Transparency Initiative (NEITI) is expected to be released soon e360 has learnt.

Nigeria, a member of the Extractive Industries Transparency Initiative (EITI) implements the organisations principles through NEITI. Yearly audit of activities of the extractive sector is part of requirements by EITI implementing countries.

Nigeria has a backlog of audits because, rather than begin auditing the sector from when it began implementing EITI principles in 2004, the country decided to begin the audits from 1999 when it returned to democratic government.

However, NEITI’s Executive Secretary, Mr Waziri Adio, has reaffirmed the commitment of the transparency agency to ensuring that its reports are timelier going forward.

“Resources and processes permitting, NEITI plans to clear the backlog of reports by the middle of 2018. Our goal is not just to make our reports more timely but also to make them as real-time as possible to enhance their utility and relevance,” Mr. Adio said.

“We are finalizing the procurement process of the 2016 reports and will soon commence the procurement for the 2017 reports. We are also working hard to automate our data collection and to mainstream the EITI process.

“Once we achieve this, we hope to then concentrate more on adding extra value to the country through cutting-edge analyses, modelling and forecasting, and setting agenda for more prudent and accountable application of natural resources for the benefits of all Nigerians,” He added further.

The agency has over the years conducted audits circles which has all thrown up the need for transformation in the Nigerian oil and gas industry and offered key recommendations to overhaul the Sector.
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