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From Uche Usim, Abuja
The Nigerian Extractive Transparency Initiative (NEITI) is set to release the 2021 audit report.
The Executive Secretary, Dr Orji Ogbonnaya Orji, dropped the hint in Abuja at the stakeholders’ roundtable for the review and approval of the NEITI audit report.
According to him, the agency, upon securing stakeholders approval, will release the 2020-2021 Oil, Gas and Mining Reports and the Fiscal Allocation and Statutory Disbursement reports.
He revealed that the 2021 NEITI industry reports of the oil, gas and mining industries covered a total of 69 companies and 12 government agencies and one state owned enterprise for the oil and gas reports; while a total of 1,214 companies with three government agencies were covered in the report of the solid minerals sector.
The objectives of the reports,bje noted, were to establish the quantities of minerals produced, utilized in the country.
“The reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.
“Other areas of focus by NEITI are to identify investments made by the Federation or the Federal Government in the oil, gas and mining industries, track subsidy payments, company remittances and liabilities.
He added that NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.
“In these reports, it was revealed that Nigeria has spent $74.39 billion which translates to 13.7 trillion in naira. By the above figures, Nigeria expended an average of N805.7 billion annually, N67.1 billion monthly or N2.2 billion daily.
“In addition, NEITI reports have disclosed that Nigeria lost over
619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020 from theft and sabotage. This amounts to losing over 140,000 barrels valued at $10.7 million daily.
“So far, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and eleven cycles of reports in the solid minerals sector”, he explained.
