• Nigeria earned N70tr in 15 years without saving – NEITI

    Nigeria earned N70tr in 15 years without saving – NEITI

    According to reports, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said Nigeria earned over N70 trillion from oil between 1999 and 2014 without saving.

    It therefore urged the Federal Government to immediately develop a saving plan to prevent the culture of wastefulness, which it noted was responsible for the abuse of funds in the past.

    Making the disclosure yesterday, NEITI’s Executive Secretary, Mr. Waziri Adio, told the Senate Committee on Federal Character and Inter-Governmental Affairs during an oversight visit to his […]

  • Non-passage of enabling petroleum law has cost Nigeria $200b – NEITI

    Non-passage of enabling petroleum law has cost Nigeria $200b – NEITI

    According to reports, the Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigeria has recorded losses to the tune of $200 billion for failing to pass an enabling law for the petroleum industry.

    The NEITI Director of Communications, Dr. Orji Ogbonnaya Orji, disclosed this in a statement in Abuja on Wednesday.

    Orji said some of the losses were projected investments due to regulatory uncertainty.

    Orji said that clear unambiguous rules, predictable policy-making and efficient regulations had been lacking in Nigeria’s petroleum sector since the […]

  • Nigeria loses $200bn to non-passage of PIB – NEITI

    Nigeria loses $200bn to non-passage of PIB – NEITI

    It was gathered that the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed in a policy brief that Nigeria loses $200 billion yearly due to the non-passage of the Petroleum Industry Bill (PIB).

    The brief also alerted the nation to the fact that another $15 billion is lost yearly in fresh investments to regulatory uncertainties.

    With Nigeria in recession, NEITI urged President Muhammadu Buhari to take the lead and infuse urgency into the passage of the PIB as part of measures to […]

  • We have borrowed teeth from EFCC, we’ll bite those defrauding Nigeria, says NEITI

    We have borrowed teeth from EFCC, we’ll bite those defrauding Nigeria, says NEITI

    The Nigeria Extractive Industries Transparency Initiative (NEITI) is to sign a pact with the Economic and Financial Crimes Commission (EFCC) in a bid to enforce accountability in the extractive sector.

    The Director of Communications of NEITI, Dr Orji Ogbonnaya Orji, made the disclosure on Tuesday in Lagos.

    He was speaking at a capacity building training for 25 media practitioners, sponsored by the Natural Resource Governance Institute at the Pan-Atlantic University in Ibeju Lekki.

    Orji said that NEITI was currently interfacing with the EFCC […]

  • Nigeria can’t say amount of crude oil it produces, says NEITI

    Nigeria can’t say amount of crude oil it produces, says NEITI

    The Nigeria Extractive Industries Transparency Initiative, NEITI, has stated that the country is not sure of the quantity of crude oil it produces, but can only state the amount of the commodity it exports.

    This was disclosed on Wednesday by the Executive Secretary of the agency, Waziri Adio while making a presentation on the NEITI 2013 audit report at the Senate chamber.

    He explained that the lack of accurate information on the actual quantity of crude oil Nigeria produces was compounded by […]