Wednesday, November 21, 2018

Tag "NEITI"

    NEITI: All of Nigeria’s oil savings can’t fund 20% of 2017 budget

NEITI: All of Nigeria’s oil savings can’t fund 20% of 2017 budget

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 [...]

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    NEITI: Nigeria losing $600m annually due to loopholes in lifting of crude oil

NEITI: Nigeria losing $600m annually due to loopholes in lifting of crude oil

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 [...]

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    REVEALED: Nigeria earned $592bn from oil sector between 1999 and 2014

REVEALED: Nigeria earned $592bn from oil sector between 1999 and 2014

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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    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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November 16, 2018USDGBPEUR
INTERBANK306397354
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KANO359476420
PH360476420
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