“The year started on a bright note as all tiers of government received higher revenues than corresponding quarters in the past two years. This was largely on the account of sustained increase in domestic oil production and global oil prices.”
Browsing: Dr. Orji Ogbonnaya Orji
The NEITI review attributed the revenue increase in 2017 to rising crude oil prices, improved oil production, and greater attention towards development of non-oil revenue sectors.
NEITI says its proposed law on Beneficial Ownership disclosure will increase transparency and accountability in the extractive industries. The agency is pushing for the enactment of a specific law that would compel companies operating in the extractive industries to abide by strict Beneficial Ownership disclosure.
Adio said the payments were traced to NNPC accounts by its independent auditors but there was no trace of its remittance to the Federation Account as required by the Constitution.
According to him, “NDDC should embrace the principles of EITI on contract transparency and beneficial ownership disclosures. NDDC should carry out urgently project implementation audits. It should conduct a corruption risk assessment of its operations.”
Orji stated: “The plan also identified the need for capacity building for all stakeholders expected to be involved in the implementation given the complexity of the extractive industries in Nigeria and highlighted the need for public education and enlightenment on the principles and benefits of Beneficial Ownership disclosures.”
Orji said that clear unambiguous rules, predictable policy-making, and efficient regulations had been lacking in Nigeria’s petroleum sector since the process of enacting a law for the sector commenced.
He further stated that full ownership disclosure would increase government revenues, build confidence between investors and their partner local companies; reduce the incidence of corruption and money laundering and cut off funding for drug lords and terrorists.
The paper entitled, “NNPC Offshore Processing and Swap Arrangements: Revenue Loss to the Nation” showed that the Federal Government allocated 655,235million barrels of crude during the period under review, of which it exported 328, 897 million barrels to generate revenues for the country.
18 June 2015, Abuja – Vice-President Yemi Osinbajo has restated that the federal government will take all necessary steps to implement…