NEITINigeria Extractive Industries Transparency Initiative
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According to NEITI, which did an analysis on the IGR of the six geo-political zones, the South-South zone had the highest combined revenue of N1.1 trillion, followed by the South-West zone (N887.8billion) and the North-West (N546.5 billion).
The NEITI can point to the success of three major industry audits that it has conducted: the 2009-2011 Oil & Gas audit; the 2007-2011 Solid Minerals audit; and the 2007-2011 fiscal allocation and statutory disbursement audit.
The NEITI report added to the complications faced in getting the PIB to be passed.
The NEITI produced two audit reports in 2006 and 2009 that revealed a blatant lack of government oversight over extractive activities and revenues.
He announced that in keeping with the Federal Government's commitment to giving the Nigerian Extractive Industries Transparency Initiative (NEITI) all the necessary support and freedom to discharge its duties, he would inaugurate an expanded inter-ministerial committee next week to ensure greater synergy in NEITI's investigations and facilitate the implementation of its recommendations for greater probity in Nigeria's oil industry.
Some of the local media keep claiming that Allison-Madueke is having trouble in explaining why, despite her reforms to engender transparency in her sector, NEITI reports describe the NNPC as one of the world's eight worst performing companies.
But since then, the PIB has been revised repeatedly and now this is criticised by The statutory Nigeria Extractive Industries Transparency Initiative (NEITI - as explained in see omt8NigrWhoAug22-11).
14, 2011, the Nigeria Extractive Industries Transparency Initiative (NEITI) issued a report on an audit of the PIB which it had made which warned MPs that the bill would lead to a rapid erosion of the federal government's petroleum tax income from $9bn to $5.8bn per annum.
The country needs a malleable instrument, needed to rejig the Nigeria's oil and gas strategic sectoral needs, with practicable policies and execution of needed reforms, which key national extractive and global oil and gas institutions, such as NEITI and OPEC, etc.
He is now helping the presidency in getting its long-awaited passage by the National Assembly despite NEITI's criticism of the bill.