A total of 198 extractive companies and government agencies have submitted their records for the ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining industries by the Nigerian Extractive Industries Transparency Initiative (NEITI).
According to NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, 63 oil and gas companies and 135 solid minerals companies have submitted their records, meeting the materiality threshold for reconciliation.
Additionally, 14 government agencies for the oil and gas sector and 8 agencies for the solid minerals sector have also submitted their records.
The ongoing audit, which covers revenues earned between 2022 and last year, aims to track revenues earned, quantity of oil, gas, and mining produced, consumed, or imported/exported, and revenues remitted to government coffers.
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NEITI is also tracking how the processes undertaken during these transactions measured up to the standards of transparency and accountability in line with the global Extractive Industries Transparency Initiative (EITI).
The agency commended the high level of participation and voluntary disclosure of data by the extractive companies and government agencies, saying it is a significant improvement from the last exercise conducted in 2021.
(Editor: Paul Akhagbemhe)
