Oil companies remit N2.6 trillion after public hearing on NEITI report

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The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji, yesterday disclosed that about N2.6 trillion have been recovered from oil and gas after a public hearing by the House of Representatives on its 2020 Oil and Gas Industry Audit Report.

On the preparation for the EITI validation of the country’s implementation of the standards, he explained that “the validation exercise is conducted every three years by the EITI for all its member countries. The exercise is a quality assurance mechanism to ascertain the level of compliance and progress in implementing its standards among member countries, including Nigeria.

“You will recall that on 27th February 2019, EITI board proclaimed that Nigeria have made “satisfactory progress” over its implementation of the EITI Standard after undergoing a very rigorous validation exercise at the time under the 2016 EITI standard”.He said: “The exercise is expected to formally commence in January 2023, beginning with the review of completed Validation templates that will be submitted to the global body by the NEITI board/management.

 

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