Tag: NEITI

77 oil companies owing FG N2.7trillion – NEITI Audit Report

Aminu Imam

The Executive Secretary of Nigeria Extractive Industries Transparency Initiative, (NEITI), says seventy-seven oil companies owe the Federal Government N2.659 trillion. Addressing a press conference in Abuja yesterday, Orji said NEITI’s findings are contained in its 2019 audit reports of the oil and gas sector. The ES said the sum owed the government could fund 46 percent of Nigeria’s 2021 budget deficit of N5.6 trillion. “The NEITI reports based on findings in its 2019 audit reports of the oil and gas sector show that oil and gas companies in Nigeria owe…

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Non-existing office of Buhari’s Chief Economic Adviser allegedly gets N573m in 5 yrs – Report

Aminu Imam

The Office of the Chief Economic Adviser to the President, (OCEAP), got approval for the sum of N573.45 million as capital allocations in the last five years without a clear identity of presidential appointee answerable to the fund’s utilisation, an investigate finding by the ICIR have shown. From the above N573.45 million capital budgets, the Office of the Accountant General of the Federation (OAGF) under the Federal Ministry of Finance, released a total sum of N114.97 million (N114,971,989) to the contentious office for its operations. This literally excludes N12.1 million…

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Granite, lead, limestone, 3 others most explored in Nigeria – NEITI

Aminu Imam

A new report from the Nigeria Extractive Industries Transparency Initiative, (NEITI), has shown that granite, granite dust, limestone, laterite and lead/zinc ore as the top five minerals with the highest exploration in the country. Limestone is the biggest contributor to royalties paid to the government with 37.6 percent, followed by granite aggregate, laterite, and granite dust and lead/zinc ore. Ogun, Kogi and Cross River states received the highest funds from the sale of solid minerals in 2019, inclusive of 13 percent derivation. In terms of accruals from 13 percent derivation,…

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“We have an accurate record of crude oil production” – DPR to NEITI

Aminu Imam

The Department of Petroleum Resources, (DPR), has stated that it has a record of the exact quantity of crude oil produced in the country. Recall that the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji had stated that the exact quantity of crude oil produced in the country is unknown due to the absence of meters at wellheads and the lack of capacity to monitor deep offshore fields. The Department of Petroleum Resources (DPR) has stated that it has a record of the exact quantity of…

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FG, states, LGs shared N3.88trn in six months – NEITI

Ishaku Yohanna

The Federation Accounts Allocation Committee shared N3.879trn to the Federal Government, states, local governments, and other statutory recipients in the first half of this year, the Nigeria Extractive Industries Transparency Initiative has said. A breakdown of the disbursements showed that N1.53tn went to the Federal Government, while the states got N1.29tn and the 774 local government areas received N771.34bn. This is contained in the latest edition of the quarterly review of NEITI in Abuja on Tuesday. The review stated that the N1.53tn received by the Federal Government in the first…

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