The Federal Government,says it has recovered the sum of N2.6 trillion from oil and gas companies on account interventions by Nigerian Extractive Industries Transparency Initiative (NEITI) and the National Assembly.
Dr. Orji Ogbonanya Orji, the Executive Secretary, NEITI, the Executive Secretary of NEITI, announced this at a Civil Society Engagement on Extractive Industries Transparency Initiative (EITI) Validation, held in Abuja.
He, however, noted that $2.6 billion remain outstanding as at March 2022, adding that NEITI is prepared to collaborate with Economic and Financial Crimes Commission (EFCC) and other anti graft agencies to ensure the government recover the rest of the funds.
He said his agency has swung into action to prepare Nigeria for global governance assessment exercise in oil, gas and mining sectors come February 2023.
The validation Committee is made up of the NSWG with the Secretariat currently providing technical support, while Shadow Validation Committee is expected to critically review progress made by the Validation Committee, identifying gaps and advising on maximizing opportunities.
“To ensure adequate preparation and stakeholders feedbacks beyond, NEITI is commenced national sensitization to deepen stakeholders understanding of EITI process and validation exercise at sub-national level.
“Nigeria through NEITI is therefore ready to show case outstanding accomplishments which the EITI implementation has made possible in Nigeria’s extractive sector reform.We call these achievements EITI/NEITI milestones in Nigeria”
Others, he said, include that: NEITI on PIA Presidential Steering Committee on PIA implementation; The unbundling of NNPC; NNPC becoming EITI supporting company NNPC is publishing Annual Financial Reports; Emergence of two strong Regulators – FIRS, NUPRC, Nigeria Midstream and Downstream regulatory Authority – (NMDRA)strong civil society cooperation and partnership based on MoU among others.
According to Orji, a validation team from EITI international Secretariat will be Nigeria from 10th – 18th November 2022 to conduct assessment of Nigeria’s readiness for the exercise
He noted that while in the country, the validation team may choose to consult or interact with stakeholders including media and civil society.
“The exercise is expected to formally commence in January 2023, beginning with the review of completed Validation templates that will be submitted to the global body by the NEITI board/management. The EITI Secretariat will also review other relevant documents (online/offline) on EITI implementation in Nigeria”.