• Oil & Gas - News
  • Updated: September 05, 2023

FG Vows Stronger Support For EITI In Resource Management

FG Vows Stronger Support For EITI In Resource Management

The Federal Government has stated that it will support and intensify the implementation of the Extractive Industries Transparency Initiative (EITI) in the management of Nigeria's oil, gas, and solid mineral resources.

On Monday in Abuja, Sen. George Akume, Secretary to the Government of the Federation, provided the assurance while releasing the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 Solid Minerals Industry Report.

The 12th report in the cycle, with the topic "Impact built on blocking leakages to grow revenue," aims to produce an EITI-compliant solid minerals industry report for 2021.

It covers the 1,214 businesses involved in the industry as well as three important government departments: the Federal Inland Revenue Service, the Mining Cadastre Office, and the Ministry of Mines and Steel Development.

Akume asserted that the administration of President Bola Tinubu was dedicated to the battle against corruption in the extractive industry in particular and in other sectors of the economy.

He was represented by Dr. Maurice Mbaeri, Permanent Secretary, General Services Office, SGF.

“We are convinced that the revival of our economy and the eight-point agenda that we recently unfolded cannot yield the desired result if we do not support and strengthen anti-corruption and reform-oriented agencies like NEITI,” he stated.

He congratulated the leadership of the NEITI for its substantial effort, core mandate for worldwide commitment, and accomplishments thus far in carrying out its mandates over the years, notably during the previous board and present administration.

"Shortly after I assumed office, the NEITI Executive Secretary briefed me and presented a strong case for this administration to continue to support Nigeria EITI to institutionalise transparency and accountability in the oil, gas and mining sectors.

“The NEITI 2021 industry report being unveiled today is quite timely, coming when the present administration is fully committed to diversifying the economy through deliberate priority attention to the non-oil sectors,” he said.

He was pleased that the report compared the money that the government actually got during the review period from all sources of revenue to the payments that mining companies made to the government.

He gave the assurance that the Federal Government will thoroughly review the report and use it as a useful working material for the government's overall solid minerals sector reform strategy.

He urged all businesses involved in the extractive industries to follow the EITI procedure, which is required by law.

Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, said in a speech that although affluent nations used data-driven information and facts to plan, the majority of emerging and undeveloped countries did the same.

Orji claimed that Nigeria, with its sizable extractive industry, was putting the EITI global norm of fostering transparency and accountability in member nations into practise to close the sector's gap.

“Citizens’ access to reliable data on company revenue and payments, government receipts and prudent utilisation, is not only mandatory but also defines the essence of regular EITI industry reports for member countries,” he said.

He argued that the Petroleum Industry Act's reports on oil, gas, and solid minerals provided timely information to prepare Nigerians for important discussions in light of the world's attention on alternative energy, climate change, and energy transition.

“I, therefore, invite all Nigerians, policy makers, legislators, and civil societies to study the report and use it to hold government and companies accountable.

“He who has the facts controls the debate,” he said.

According to the News Agency of Nigeria (NAN), the NEITI has released 12 cycles of independent reports on solid minerals over the years, covering the years 2007 to 2021.

The studies showed that the federal government received a total of N845.14 billion from these reports.

According to the 2021 reports, the Federal Government generated N193.59 billion in total revenue from the solid minerals industry. 

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