FG, states, LGs shared N8.15trn in 2019 – NEITI

Osun, Cross River get lowest disbursements  Report: 21 states can’t service recurrent expenditure The three tiers of government – federal, states and local councils – and other statutory recipients shared N8.15 trillion distributed by the Federation Accounts and Allocation Committee (FAAC) in 2019. Out of this amount, the report stated that the Federal Government received N3.37 trillion, representing 41.4 per cent of total disbursements, the 36 states got N2.761 trillion (33.9%) while the 774 local governments shared N1.649 trillion (20.2%) of the total disbursements. Nigeria Extractive Industries Transparency Initiative (NEITI)…

Read More

NEITI to release 2017 audit report next week

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday said that it would release its 2017 audit report next week while that of 2018 would be released before the end of the year. Executive Secretary of the agency, Mr. Waziri Adio, made this disclosure at a budget defence with the House of Representatives Committee on Petroleum Resources (Upstream) in Abuja. He said between 1999 and 2016, nine audit reports had been done in the oil and gas sector while seven such reports had been done in the solid minerals and had…

Read More

Metering, panacea to accurate crude oil production in Nigeria – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI), says metering infrastructure of the oil and gas sector was the only way to ensure accurate measurements of daily crude oil production in the country. Mr Waziri Adio, Executive Secretary, NEITI, made this known in Abuja, yesterday at a strategy meeting and presentation of report on metering infrastructure of the oil and gas sector. He said that Nigeria was the only country that produces oil without the facilities at the oil wells to ascertain the accurate quantity of crude produced in the country.…

Read More

NEITI: FAAC allocation drops to N1.9trn in Q2

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that disbursements from the Federation Accounts Allocation Committee (FAAC) to the three tiers of government dropped to N1.91 trillion in the second quarter of 2019. This represents a steady decline in the allocation for five consecutive quarters. In a report released by NEITI, the organisation said that the N1.91 trillion is lower than the N1.92 trillion and N2.99 trillion disbursed in the first quarter of 2019 and the fourth quarter of 2018. The last time FAAC disbursement was at this point…

Read More

Mineral deposits: North-East still ranks the poorest, says NEITI

Despite the deposits of natural mineral resources in the North-East sub-region in commercial quantity, it has remained the poorest in Nigeria. The Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio, disclosed this yesterday during a two-day North-East zonal outreach and stakeholders’ workshop organised by NEITI in Bauchi State. He said the zone has remained backward in school enrollment, maternal mortality and morbidity, infrastructure and its poverty level is high while its natural resources remain untapped or underutilised. Adio said: “Nigeria is blessed with 60 different types…

Read More

NEITI: IOCs carted away N15.84trn revenue in 3 years

  …says PSCs aid Nigeria’s royalty, taxes losses to firms   International oil companies (IOCs) carted away a whooping N15.84 trillion ($50.5 billion) revenues from deep offshore acreages’ oil production in three years without paying royalty in return, the Nigeria Extractive Industries Transparency Initiative (NEITI) said yesterday. Consequently, the agency is demanding a major review of offshore oil production deals between Nigeria and IOCs. The total revenues from Production Sharing Contracts (PSCs) and Joint Ventures (JV) between 2015 and 2017 hit N37 trillion ($101.111, 256 billion) in just three years,…

Read More

Nigeria suffers fresh $15bn investments plunge

  Nigeria has suffered a fresh $15 billion investments plunge to oil and gas sector’s regulatory uncertainty in one year, investigation by New Telegraph has revealed. A policy brief by the Nigeria Extractive Industries Transparency Initiative (NEITI) sighted by this newspaper, which rolled latest data on loss to the foot-dragging on 18 year-old Petroleum Industry Bill (PIB), showed that any further delay in signing the Petroleum Industry Governance Bill (PIGB), a fraction of the PIB, by President Muhammadu Buhari, would worsen the loss. Checks by this newspaper showed that the…

Read More