The Nigerian Extractive Industries Transparency Initiative says a total of 198 extractive companies and government agencies have submitted information and data for the ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining industry.
Orji said out of the 198 companies, 63 are in the oil and gas industry, meeting the materiality threshold of a minimum royalty payment of $5 million; while 135 companies, which met the materiality threshold of N6 million, are from the solid minerals industry. Ogbonnaya said the data reconciliation and validation meetings for the oil and gas extractive companies and relevant government agencies were held and concluded in Lagos last week.
“The ongoing 2022/2023 oil, gas, and solid minerals industry reports have reached an advanced stage, in fact, the final stage.”
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