Between 1999 and 2020, Nigeria earned $741.48 billion from oil and gas, the Nigeria Extractive Industries Transparency Initiative announced Tuesday in Abuja.

Its Executive Secretary Dr. Orji Ogbonnaya Orji made a statement at the Stakeholder Engagement Forum on the implementation of the Petroleum Industry Act.

He said NEITI has so far conducted and published 25 cycles of audit reports in the oil and gas industry, covering the period 1999 to 2020.

He said that according to reports, the Nigerian government received a total of US$741.48 billion in revenue from the oil and gas sector during this period.

“The 2021 Oil and Gas Industry Audit is currently underway and will be published shortly,” he said.

Orji said NEITI was embarking on expanding its operations to support the government’s revenue growth plan.

“This is guided by the five-year strategic plan (2022-2026), which will enable the agency to establish a subnational presence and operations to support the government’s revenue growth plans and resource mobilization,” he said.

He expressed delight that the NEITI report resulted in the government recouping billions of dollars from companies in the industry.

He said NEITI’s recommendations in its report had also sparked a huge overhaul of the industry.

He assured that NEITI will provide information and data in the oil and gas sector to help the Presidential Steering Committee to effectively implement the PIA.

“As the body charged with promoting transparency and accountability in the extractive industries, NEITI has a responsibility to facilitate and strengthen the engagement of different stakeholders for the successful implementation of PIA,” he said.

Orji emphasized the need for effective implementation of PIA.

He noted that the PIA provides NEITI with a broader role in Nigeria’s oil and gas industry, clearly stating the need for transparency and accountability.

“Therefore, NEITI and its stakeholders are very concerned about the implementation of the Act and the full enforcement of its provisions.

“NEITI has been working with relevant stakeholders and leveraging our experience and exposure in the oil and gas sector to ensure that the implementation of the PIA will achieve its objectives and intended outcomes,” Orji said.

Earlier, Mr. Olusegun Adekunle, Chairman of the NEITI Management Committee, expressed its determination to prepare NEITI to meet Nigeria’s international obligations and meet the expectations of Nigerians for transparency and accountability.

Adekunle said the resolution is expected to enable Nigeria to attract much-needed foreign direct investment in the oil and gas sector while supporting her revenue growth plans and resource mobilization.

(exist)



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