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FG to assist NEITI track oil revenue

Owing to the absence of accurate figures realised as revenue from oil and gas sources, the Federal Government, through the Office of the Accountant General of the Federation, has promised lending support to the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue accruing to Federal Government.

 

Accountant General of the Federation, Mr. Idris Ahmed, gave the commitment yesterday when he received the leadership of NEITI, led by the Executive Secretary and Chief Executive Officer (CEO), Dr. Orji Ogbonnaya Orji.

 

Idris, while reacting to NEITI’s request for support to effect requisite reforms in the management of the country’s oil and gas revenue, assured that the federal treasury “will partner and give the necessary support to NEITI to achieve efficient monitoring of oil and gas revenue accruals to the government.”

 

He commended NEITI for the successes it has recorded so far, adding that the effort of the agency to entrench probity, transparency and accountability in the management of the country’s oil and gas revenue was in line with the government’s financial management reform initiatives.

 

The Accountant General of the Federation also made a case for integration of NEITI as an institutional partner in Federal Government’s strategic revenue growth initiative.

 

 

He reasoned that integrating the agency into the initiative would be a big leap in government’s vision of improving revenue collection, mobilisation and identifying additional sources of revenue.

He noted that operating under obsolete laws had greatly hampered the activities of the agency and called for periodic review of NEITI Act and other laws that regulate the operations of the oil and gas sector to reflect current realities.

 

In his remarks, Orji said NEITI was established to track revenue accruing to the government from oil and gas transactions, especially remittances of such revenues to ensure accountability.

 

He commended the accountant general for the successes so far recorded in the government financial management reforms initiatives and solicited support for the agency’s activities and challenges.

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