The Nigeria Extractive Industries Transparency Initiative (NEITI) is seeking to establish presence and operate at states with a view to supporting government’s revenue growth plan and resources mobilization.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI,announced this at the stakeholders engagement on the Implementation of the Petroleum Industry Act (PIA), Abuja.
He said that in view of the emerging issues in the global EITI, and the NEITI’s obligation under the PIA, the agency is currently working to review its enabling law to accommodate new developments.
“The agency is embarking on an expansion drive of its operations. This is guided by its 5-year Strategic Plan (2022-2026) which will enable the agency to establish a presence and operate at sub-national levels to support government revenue growth plan and resources mobilization.
“Let me use this medium to inform our stakeholders that considering the emerging issues in the global EITI, and the NEITI’s obligation under the PIA, the agency is currently working to review its enabling law to accommodate these new developments” he said.
According to him,NEITI has a huge responsibility to facilitate and strengthen the participation of diverse stakeholders for a successful implementation of the PIA.
According to him, the implementation of the PIA Act and full operationalization of its provisions are of great interest to NEITI and its stakeholders because the Act provides wider roles for NEITI in the oil and gas sector, clearly spelling out the need for transparency and accountability in Nigeria’s petroleum sector.
He added: “I am pleased to inform you that NEITI has since been working with relevant stakeholders, including sister agencies that are members of the committee, leveraging on our experience and exposure in the oil and gas sector over the years to ensure that the implementation of the PIA delivers its overall objective and desired results.
“So far, NEITI has conducted and published twenty-five (25) cycles of audit reports in the oil and gas sector, covering the period 1999-2020. From the report, a total of $ 741.48 was recorded as revenue earnings to government coffers from the sector. The 2021 oil and gas sector audit is currently ongoing and will soon be released.
“Besides, NEITI reports have led to the recovery of several billions of dollars by the government from companies operating in the sector. Recommendations of our reports are also triggering huge reforms in the sectors, one of which is the PIA we are discussing here today” he said.
Speaking, Mr. Olusegun Adeyemi Adekunle, the Chairman of the NEITI National Stakeholders’ Working Group (NSWG), noted that PIA sets new reform standards and NEITI as a member of the Presidential Steering Committee on PIA implementation has obligation to respond adequately and support its successful implementation and ensure delivery of its objectives.
He urged participants to play active roles in the stakeholder’s engagement in the implementation of PIA, assuring that the Board under his leadership will continue to provide the needed leadership and strategic direction to the NEITI secretariat to deliver on the agency mandate and responsibilities to our country and citizens.
