Zainab Ahmed, acting minister of finance, assumed duty on Monday, expressing hope that she is in good hands.President Muhammadu Buhari appointed her following the resignation of Kemi Adeosun who was caught in a scandal of forging the exemption certificate of the National Youth Service Corps (NYSC).Ahmed described the task ahead of her as challenging, promising to tap from the experience [...]
Tag "NEITI"
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The total deductions made from Osun's disbursements from the federation account allocation committee exceeded the total allocation the state got.According to a quarterly review released by the Nigerian Extractive Industries Transparency Initiative, the total allocations Osun got between January and June 2018 was N10.24 billion and the total deductions made was N14.52 billion.Although data showed that FAAC disbursements as of June [...]
The Nigeria Extractive Industries Transparency Initiative (NEITI), says states in the federation will be unable to execute their budgets or may have to increase borrowing because projected revenue is less than planned spending.In its quarterly review released on Thursday, NEITI said projected revenue for the 36 states was derived by summing up total projected internally generated revenue (IGR) with projected [...]
Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), says implementation of laws will reposition and transport the oil and gas sector to become a real blessing and not just a "needless curse".Speaking at a symposium on petroleum industry governance bill (PIGB) in Abuja, Adio commended the national assembly for passing PIGB.He said Nigerians will be deluded to think the job [...]
The Nigeria Extractive Industries Transparency Initiative (NEITI) says the passage of the petroleum industry governance bill (PIGB) will bring about professionalism and accountability in the oil sector.In a statement on Sunday, Orji Ogbonnaya Orji, its director of communications and advocacy, the organisation commended the senate and the house of representatives for passing the bill into law.Prior to its passage, the [...]
Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), has urged the national assembly to pass all four subsets of the Petroleum Industry Bill (PIB) before 2019 elections.Adio in a series of tweets said the Petroleum Industry Governance Bill (PIGB), a part of the PIB which passed third reading in the house of representatives on Wednesday, was the easiest [...]
Olugbenga Okunlola, a professor of geology at the University of Ibadan, says most of the geologists in the country are not practising what they studied in school.Okunlola, a board member of the Nigeria Extractive Industries Transparency Initiative (NEITI), made the statement at the south-west zonal stakeholders' workshop of the agency in Abeokuta.He went down memory lane, tracing the origin of [...]
Waziri Adio, executive secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), has advised the federal government to delink the country's economic fortunes "from the fate of oil prices".He said the days of oil were numbered, appealing to the government to act on time.Adio said this statement at the third edition of the annual lecture of the Dauda Adegbenro Foundation, which held [...]
Abiola Ajimobi, governor of Oyo state and Ibikunle Amosun, his Ogun state state counterpart, are among the top government officials and key players in the private sector expected to attend the third annual programme of Dauda Adegbenro Foundation.The lecture, themed 'Transparency in the Extractive Industries: Driving wealth creation and sustainable revenue as solution to economic recession', is scheduled to hold on [...]
Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the oil firm does not “see a penny” from the sale of crude oil.Baru said this in response to some critical reports, especially from the Nigeria Extractive Industries Transparency Initiative (NEITI).In its March 2017 policy brief, NEITI said by its own calculations, the total unremitted revenues to [...]
Waziri Adio, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says Nigeria prefer spending crude oil money instead of saving.Speaking on Arise Television, Adio said Nigeria prefer spending than saving."The problem is that we save and spend, rather than save and keep," he said.[...]
Waziri Adio, the executive secretary of the Nigeria Extractive Industry Transparency Initiative (NEITI), says the country should amend its constitution to allow for savings in and out the time of plenty.Speaking in an interview with Arise TV, Adio said the law of the land does not allow for savings, as much as it should, stating that Angola saves the equivalent [...]
Waziri Adio, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says the country spent more than what was saved from crude oil between 2005 and 2015.Adio said $201.2bn entered into the excess crude account during that time, and that the country spent $204.7bn within the same period.He said the spending pattern means there were no savings made [...]
Nigeria Extractive Industry Transparency Initiative (NEITI) says all of the country's oil savings since the inception of its savings history cannot fund 20% of 2017 budget.In its second occasional paper series unveiled on Tuesday by Waziri Adio, its executive secretary, NEITI, said: "Nigeria has about three decades of experience in implementing different oil revenue funds. However, attempts at oil revenue [...]
The Nigerian Extractive Industry Transparency Initiative (NEITI) has said the country is losing $600 million annually to leakages in the process of lifting crude oil.The agency on Wednesday urged the house of representatives to probe the alleged loss of $15.9 billion dividends accrued to the federal government.Waziri Adio, the executive secretary, made the call at the ongoing investigative hearing on [...]
Waziri Adio, executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says the country earned $592bn from the oil and gas sector from 1999 to 2014 but there is a little change in the standard of living of citizens.Adio said this in a statement issued by Orji Ogbonnaya, NEITI spokesman.Speaking at a workshop organised by Publish What You Pay, [...]
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