Wednesday, September 19, 2018

Tag "NEITI"

    NEITI: Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn

NEITI: Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 states of the federation rose to over N3.342 trillion as of 2016.Lagos, Delta, Osun and Akwa Ibom topped the debt chart, with a total debt profile of N1.262 trillion representing about 38% of debts owed by the 36 states of the federation.The break down shows [...]

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    Lagos IGR rises by N32.99bn — higher than 33 states put together

Lagos IGR rises by N32.99bn — higher than 33 states put together

The internally generated revenue (IGR) of Lagos state rose by approximately N33 billion from 2015 to 2016, beating 33 states put together.According to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the state recorded an IGR of N301.19 billion, a rise of N32.99 billion in one year.The total IGR from 33 states of the federation, excluding Delta, Ogun [...]

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    NNPC still holding FG’s $15.8bn, says NEITI

NNPC still holding FG’s $15.8bn, says NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the Nigerian National Petroleum Corporation (NNPC) is yet to remit $15.8 billion collected from Nigeria Liquefied Natural Gas (NLNG) to the federation account.Speaking in Abuja on Tuesday, Peter Ogbobine, legal director of the agency, disclosed that the figure was the accumulation from 2000 to 2014.He said although NEITI had presented a report [...]

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    NEITI to open data procurement process, says Adio

NEITI to open data procurement process, says Adio

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will establish an open contracting data standard platform for procurement of goods and services.Ogbonnaya Orji, the agency's director of communications, said this in a statement issued in Abuja.He said the online platform was to provide comprehensive public information and disclosure on all procurement opportunities and contracting information by NEITI to the [...]

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    Knowing the real owners of companies is critical to checking corruption, says NEITI boss

Knowing the real owners of companies is critical to checking corruption, says NEITI boss

Waziri Adio, executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says knowing the real owners of companies is critical to checking corruption.He identified Nigeria’s membership of Open Government Partnership as a timely platform to push for disclosure of beneficial owners of companies in the oil, gas and mining industries in the country.According to a statement issued by Orji [...]

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    For NEITI not to be Azerbaijan

For NEITI not to be Azerbaijan

By BOB ETEMIKU The Nigeria Extractive Industries Initiative (NEITI) has done great work since inception. In its 2014 Report, it highlighted a wide range of activities and achievements, and the feather in its cap is its endorsement by EITI as the Best EITI Implementing country in 2013.That came from assiduous work put into the implementation of a four-year Strategic Plan [...]

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    NDDC seeks pact with NEITI, BudgIT to develop Niger Delta

NDDC seeks pact with NEITI, BudgIT to develop Niger Delta

The Niger Delta Development Commission (NDDC) is set to sign Memorandum of Understanding (MoU) with Non-governmental organizations (NGOs) and Development Partners to drive accountability, economic development and social responsibility in the region.The drive is being led by Nsima Ekere, the newly appointed MD/CEO of the commission,who says he will put the region on a new path, aimed at changing [...]

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    NEITI: Federal allocations can’t fund half of states’ budget

NEITI: Federal allocations can’t fund half of states’ budget

Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that allocations from the Federation Account Allocation Committee (FAAC) account cannot fund half of states' budget.In its quarterly review released on Monday, NEITI said many states are left with huge deficits due to the insufficiency of federal allocations.No state has got up to a N100 billion from the federation account in 2016, [...]

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    Allocations to FG, states, LGs shrink by N835bn in 6 months

Allocations to FG, states, LGs shrink by N835bn in 6 months

The federal, state and local governments of Nigeria have seen their allocations plunge by N835 billion in the first six months of 2016, relative to the first six months of 2015.A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) also suggests that this sharp drop in revenues may negatively impact budget implementation across the three tiers of government [...]

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    NEITI to Buhari: Let’s learn from Ghana by passing the PIB now

NEITI to Buhari: Let’s learn from Ghana by passing the PIB now

The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged president Muhammadu Buhari to expedite the process of passing the Petroleum Industry Bill (PIB).NEITI made the call to the president in its new policy brief, titled 'The Urgency of a New Petroleum Sector Law'."The process of enacting a new law for Nigeria’s petroleum sector has gone on for far too long, and [...]

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    Senate’ll take action on NEITI report, says Saraki

Senate’ll take action on NEITI report, says Saraki

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    Senate invites Adio for briefing on NEITI report

Senate invites Adio for briefing on NEITI report

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    Saraki: EFCC chasing govt officials instead of probing missing billions in NNPC

Saraki: EFCC chasing govt officials instead of probing missing billions in NNPC

Senate President Bukola Saraki has accused anti-graft agencies of preferring to harass government officials than investigating allegations of corruption in the Nigeria National Petroleum Corporation (NNPC).Speaking when a delegation of the Nigeria Extractive Industry Transparency Initiative (NEITI) led by Waziri Adio, its executive secretary, presented the organisation's audit report to him, Saraki advised the Economic and Financial Crimes Commission (EFCC) [...]

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    We’ll keep shouting until something is done about NEITI report, says Saraki

We’ll keep shouting until something is done about NEITI report, says Saraki

Senate President Bukola Saraki has promised the leadership of the Nigeria Extractive Industry Transparency Initiative (NEITI) that the upper legislative chamber would debate the 2013 audit report in view of the revelations of mismanagement contained in it.According to a statement by Sanni Onogu, Saraki's chief press secretary, the senate president disclosed this when Waziri Adio, executive secretary of NEITI, led [...]

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    Nigeria getting more revenue from sand than gold… 5 revelations from NEITI reports

Nigeria getting more revenue from sand than gold… 5 revelations from NEITI reports

The Nigeria Extractive Industries Transparency Initiative (NEITI) released its 2013 audit reports on Monday, analysing the returns in solid minerals, oil and gas exploration in the country.The reports, which were categorised into oil and gas, and solid minerals, had a number of interesting revelations for the Nigerian state and the state of her mining industry.Here are five things learnt from NEITI’s [...]

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    101 oil firms ‘willing to give up petrol for crude’

101 oil firms ‘willing to give up petrol for crude’

A hundred and one oil firms have registered their willingness to enter into crude-for-petroleum deal with the Nigerian National Petroleum Corporation (NNPC), by submitting bids for Offshore Processing Agreements (OPAs).The bid, which was moderated by Sophia Mbakwe, the corporation’s general manager, supply chain management, is in line with NNPC’s most recent frame work scheduled to begin in the corporation and run till [...]

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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