NEITI set for physical disbursement audit of extractive industry

31 December 2012, Sweetcrude, Abuja – Following the resolution of the Federal Executive Council, FEC, meeting of November 28, the Nigeria Extractive Industries Transparency Initiative, NEITI, will soon commence Physical Allocations and Statutory Disbursement Audit of the extractive industry for the period 2007 to 2011.

The audit would see NEITI signing contractual agreement with a reputable firm that is to be qualified and selected in a competitive process by the first week of January 2013.

Mrs. Faith Ossai Nwadishi, a member of the NEITI Stakeholders Working Group, NSWG, disclosed this at a media briefing.

She stated that the agreement would ensure that the nine-month timeline set by the Federal Government for the completion of the audit is met, assuring of NEITI’s full support for the impending exercise.

The NSWG member said: “Like we have indicated earlier, we are prepared for the audit which is part of our statutory mandates in the extractive industry.

“In line with the FEC decision, we are going to meet the auditors that won the contract early in January to sign the agreement. It is an exercise we are committed to and everything is being done to ensure its success,”

The oil communities in Niger Delta have, meanwhile, endorsed the proposed audit, especially as it pertains the oil and gas sub-sector’s 13 per cent derivation statutory disbursements.

It described the NEITI as a welcome development in a statement issued Sunday and signed by Chief William Igere representing Delta State, Pastor Macpherson Kurobo of Bayelsa, Princess Nomwen Uhunmwangho of Edo State, Chief Harry Opaks of Rivers, Comrade Samuel Ebiwanno of Ondo, and Saviour James Okon of Akwa-Ibom State.

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