TheCable

The Extractive Industries Transparency Initiative (EITI) has commended Nigeria for setting a new record by publishing its oil and gas reports nine months ahead of the reporting deadline.

According to a statement published by the World Bank extractives global programmatic support multi-donor trust fund and EITI on Friday, this is the first time the feat would occur in Nigeria.

The Nigeria Extractive Industries Transparency Initiative (NEITI) is headed by Waziri Adio (pictured).

“Previously, the industry was opaque, with little reliable public information on production levels, crude oil losses, government investment in the upstream projects or downstream information,” the statement read.

“The EITI in Nigeria encountered some initial hurdles in publishing accurate and timely reports on key sector data, such as production, revenues and governance processes.

“Some reports were delayed by several years, meaning that those who could hold the state accountable for oil revenues – such as investors, companies, civil society organisations and the media – received data only several years after the reporting period.”

The organisations said NEITI has turned the situation around, publishing reports in a “timely and efficient manner”, and helped to identify $20 billion in recoverable income and recover $3 billion to government coffers.

Nigeria was also listed as part of the eight countries that were said to have made satisfactory progress in implementing the EITI standard.

The NEITI Act was enacted in 2007 to ensure prudent management of revenues by improving transparency, accountability and good governance in the oil and gas sector.