The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that it has made advanced progress in its conduct of the 2022-2023 industry reports of the oil, gas and mining sectors which was ongoing nationwide and will be ready in five months.
The executive secretary of NEITI, Dr Orji Ogbonnaya Orji, during a press briefing, said the report was being conducted by two indigenous independent administrators.
He added that NEITI had deployed its automated information-gathering infrastructure – The NEITI Audit Management System (NAMS) – for the conduct of the exercise to enhance data integrity and quality.
For solid minerals, he pointed out the areas of information disclosure to include the regulatory framework; fiscal regime; roles of government entities and reforms; laws; and regulations relating to addressing corruption risks in the solid mineral sector.
Dr Orji affirmed that the NEITI Industry Reports was being conducted by two indigenous Independent Administrators.
Haruna Yahaya & Co is conducting the Solid Minerals report while Adeshile Adedeji & Co is leading the conduct of the oil and gas report with a set date of September 2024 for the completion of the two reports.
Dr. Orji disclosed that NEITI had deployed its automated information gathering infrastructure, the NEITI Audit Management System-NAMS for the conduct of the exercise to enhance data integrity and quality.
He explained that the NEITI reports are to disclose information on the regulatory framework for the sector (legal, fiscal regimes, reforms and laws addressing corruption risks.
According to him, procedures for awards and transfers of licences; production and export levels and comprehensive information on NNPC participation in the sector are being intensified.
It also includes all company payments and government revenues from oil and gas; revenue management, distribution, sub-national transfers and revenue sustainability as well as the contribution of the oil, gas sector to the economy.
For the solid minerals, he pointed out the areas of information disclosure to include, the regulatory framework; fiscal regime; roles of government entities and reforms; laws; and regulations relating to addressing corruption risks in the solid mineral sector.
Other areas to be covered are the statutory procedures for awards and transfers of licences and assess if these procedures are followed in practice; disclose information on property rights to mineral licences and leases.
Others are exploration activities; mineral production levels and a valuation of extractive output, utilisation and storage and report on extractive company(s) and community(s) consultation policies, laws, regulations, or contracts highlighting the ethos of free, prior, and informed consent (FPIC) in Nigeria.
He also pointed out that the Independent Administrators are to make observations and recommendations that would support policy making and impact Nigeria’s oil, gas and mining sectors.
The executive secretary also stated that NEITI had made considerable progress in addressing the remedial issues arising from the last assessment of Nigeria during validation.
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