The successful execution of the Petroleum Industry Act (PIA) remains sacred in boosting the nation’s oil revenues, according to the Nigeria Extractive Industries Transparency Initiative (NEITI), which stated this yesterday in Abuja.
Dr. Orji Ogbonnaya Orji, executive secretary of NEITI, said that the sector contributed $741.48 billion in revenue receipts to government coffers between 1999 and 2020. He added that this development will enhance the context of the successful implementation of PIA.
The Extractive Industries Transparency Initiative (EITI) is a global initiative that promotes transparency in the extractive industries. According to Orji, speaking at a stakeholders’ engagement on the implementation of PIA, the EITI is experiencing new problems, and NEITI is required by the PIA to review its enabling law to address the problems.
According to him, the NEITI has a major responsibility to support and strengthen the participation of various stakeholders in order to implement the PIA successfully. The organization’s mandate is to promote transparency and accountability in the extractive sectors, and it has a multi-stakeholder platform for dialogue on natural resource governance.
Orji stated that the Act further increased the need for transparency and accountability in Nigeria’s petroleum sector and that PIA gives NEITI expanded powers in the oil and gas sector.
“The implementation of the Act and full operationalisation of its provisions are of great interest to NEITI and its stakeholders,” he added.
He claimed that in order to ensure that the execution of the PIA achieves its overall objective and expected effects, the agency would draw on its exposure to and experience in the oil and gas sector throughout the years.
A total of $741.48 was documented as revenue earnings to government coffers from the oil and gas sector, NEITI’s 25 cycles of audit reports covering the years 1999 to 2020, he continued.
Orji said the NEITI reports had resulted in the government recovering several billions of dollars from companies operating in the sector. He also revealed that the 2021 oil and gas sector audit is currently being conducted and will soon be released.
Olusegun Adeyemi Adekunle, the chairman of the NEITI National Stakeholders’ Working Group (NSWG), noted that NEITI has a responsibility to respond appropriately, support its successful implementation, and ensure the achievement of its goals. NEITI is a member of the Presidential Steering Committee on PIA implementation.
“The board resolved to prepare NEITI to deliver on Nigeria’s international obligation and meet citizens’ expectations on the twin components of transparency and accountability and to position Nigeria to attract the much-needed foreign direct investment in the sector while supporting Nigeria’s revenue growth plan & resource mobilisation.”
“Let me assure you all that the Board under my leadership will continue to provide the needed leadership and strategic direction to the NEITI secretariat to deliver on the agency mandate and responsibilities to our country and citizens,” he stated.
