Nigeria Achieves Accountability Milestone As NEITI Completes 2022/2023 Industry Reports Ahead Of Schedule
By Gift Eguavoen
The Nigeria Extractive Industries Transparency Initiative (NEITI) has achieved a major milestone in extractive industry transparency and accountability with the completion of the 2022/2023 oil, gas and solid minerals audit reports ahead of schedule.
Speaking on Wednesday, during a meeting of the National Stakeholders Working Group (NSWG) of NEITI at the office of the Secretary to the Government of the Federation (SGF) in Abuja, Chairman of the NSWG and Secretary to the Government of the Federation, Senator George Akume, highlighted the achievements of the group since its inauguration, acknowledging the hard work and dedication of civil society, extractive companies, government agencies, and the NEITI Secretariat in driving these efforts.
Reflecting on Nigeria’s commitment to the global Extractive Industries Transparency Initiative (EITI) standards, the SGF, at the meeting which had the Ambassador of Belgium as an observer, announced the successful and timely completion of the 2022-2023 Oil, Gas, and Solid Minerals Industry Reports.
“I am pleased to announce that today, NEITI has successfully delivered on the task of completing these reports ahead of schedule. This is not only a major milestone but also a powerful demonstration of our collective commitment to upholding the principles of transparency and accountability in Nigeria’s extractive industries,” Akume said.
The SGF further highlighted that the achievement fulfills key commitments made by President Bola Tinubu to the EITI delegation earlier this year. “During that visit, I committed to ensuring that the NSWG would be reconstituted and that the industry reports would be completed and published by September. Today, I am proud to say that both commitments have been fully met,” he said.
Akume also recognized the efforts of the NSWG’s Extractive Committee, which extensively reviewed and refined the draft report, expressing gratitude to the committee members, particularly its Chairman, Mr. Gwueke Ajaifa, for their hard work in ensuring the report’s accuracy and thoroughness.
“I want to thank the committee for the extraordinary work done so far, your efforts have greatly contributed to the success we celebrate today,” Akume said.
While calling on all stakeholders to remain engaged and collaborative, Akume said “Together, we are setting new benchmarks for transparency and accountability in Nigeria’s extractive industries, and this is just the beginning.”
Responding to questions from journalists, Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, explained that the focus of the 2022/2023 industry report is on public disclosure, blocking leakages, and incentivizing domestic resource mobilization.
He stated that NEITI’s new strategy is to use its reports to identify and disclose where potential government revenues are hidden and provide credible information on how such funds could be recovered by the respective government agencies covered by the NEITI process.
“We are grateful to the Federal Government for funding these important independent reports at a time of economic difficulty amidst increasing national priorities. We are equally delighted that we delivered the report on time to provide current information and data, placing them in the public domain,” Dr. Orji said.
Extractive360 reports that the 2022-2023 Oil, Gas, and Solid Minerals Industry Reports will be officially released tomorrow in Abuja, following the final approval of the NSWG.
Subscribe To Newsletter
