Public Presentation, Citizens Sensitization 2020-2021 NEITI Audit Reports on Industry Transparency
by IDEA-NG
In collaboration with the International IDEA, the Nigeria Extractive Industries Transparency Initiative (NEITI) launched the 2020-2021 industry audit reports on September 4th, 2023. Supported by the European Union through the Rule of Law and Anti-Corruption (ROLAC) program phase II, the event aimed to shed light on the operations within Nigeria's extractive industries, including Solid Minerals, Oil and Gas, Fiscal Allocation and Statutory Disbursements (FASD).
NEITI's mandate, rooted in the NEITI Act 2007 and its role as the national chapter of the Extractive Industries Transparency Initiative (EITI), emphasises fostering transparency and accountability in Nigeria's oil, gas, and mining revenue management. The NEITI audit process responds to longstanding concerns about mismanagement and maladministration in Nigeria's extractive sector. With staggering losses attributed to crude theft and unremitted revenues totalling $8.26 billion in 2021, the reports provide empirical evidence, highlight areas for enhanced transparency, and offer recommendations for remediation. Anticipated actions include NEITI activating sanctions on defaulting companies, independent investigations, and intensified efforts by government agencies to recover debts. These initiatives underscore a concerted effort to address systemic challenges and promote accountability within Nigeria's extractive industries.
