News wire — Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of…
Browsing: Nigeria Extractive Industries Transparency Initiative
22 December 2018, Sweetcrude, Lagos — The Nigeria Extractive Industries Transparency Initiative, NEITI, Friday, stated that Nigeria lost $4.4 billion…
“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.”
“New acreages will be awarded for exploration and production under new laws and terms, especially offshore which is likely to account for much of the growth in the nation’s reserves.”
“The sector is no longer the black hole that it once was, but we could still use more transparency. Things are opening up. There could be more in the area of contracts, ownership and expenditure transparency, but definitely there is some progress,” Adio said.
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.
He added that, “If the National Assembly succeeds in passing all the four bills and the executive signs them all before politicking for 2019 starts, that will be a solid achievement indeed. It is possible. Please do this for Nigeria.”
The report also noted that 90 million dollars was lost through a practice where NNPC used a revised/lower pricing option at the point of payment instead of the higher price at the point of purchase.
He said, “Transparency in this sector is very important for Nigeria. It is in our enlightened self-interest to do so because of the strategic nature of this sector to our economy. So we are doing this more for ourselves.”