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Federal, States, LGs Get N3,84trn FAAC In Six Months – NEITI

  The Federal, States and Local governments shared N3.84trillion allocations between January and June 2019. This is according to the latest edition of Nigeria Extractive Industries Transparency Initiative (NEITI) Quarterly Review. In a statement by NEITI’s Director, Communications and Advocacy, Orji Orji, that the Federal Government received N1.599 trillion, the 36 states got N1.335 trillion … Continue reading Federal, States, LGs Get N3,84trn FAAC In Six Months – NEITI …

NEITI uncovers $20b recoverable revenues

NEITI uncovers $20b recoverable revenues

The Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered $20 billion recoverable revenues, its Executive Secretary, Waziri Adio, said yesterday. He spoke in Kiev, Ukraine at the ongoing 42nd meeting of the Extractive Industry Initiative (EITI) Board. Meanwhile, the International Board of EITI has ranked Nigeria for its ‘Satisfactory Progress’ in the implementation of its […] …

Federal allocation account now N8.5tr, says NEITI

Federal allocation account now N8.5tr, says NEITI

The Federation Allocation Account Committee (FAAC) has disbursed N8.5 trillion to the three tiers of government and others, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed adding it is the first time since 2014, that disbursements would exceed N2 trillion in three consecutive quarters. According to NEITI, the total of N8.52 trillion shared among […] …

Oil and gas sector generated $17.05 bn in 2016 – NEITI

Oil and gas sector generated $17.05 bn in 2016 – NEITI

According to the NEITI 2016 Oil and Gas Industry Audit Report, the plunge in revenue in 2016 resulted from low oil prices in the global market and reduced oil production in Nigeria. Uche Usim, Abuja The oil and gas sector of the Nigerian economy generated $17.05 in 2016, the latest report of the Nigeria Extractive […]
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NNPC, NEITI engagement attains global transparency

NNPC, NEITI engagement attains global transparency

The Nigerian National Petroleum Corporation (NNPC) and Nigerian Extractive Transparency Initiative (NEITI) have attained global standards set for operators in the oil and gas industry, NNPC’s General Manager, Crude Oil Marketing, Mansur Sambo, has said. He said since the enactment of NEITI law by the government, NNPC and NEITI have committed themselves to transparecy inRead More …

Solid minerals account for N87.61bn in 2016 GDP –NEITI

Solid minerals account for N87.61bn in 2016 GDP –NEITI

Uche Usim, Adewale Sanyaolu Abuja Despite its under-performance, the solid minerals sector contributed N87.61 billion to the country’s Gross Domestic Product (GDP) in 2016. This represented 0.13 percent of the total GDP of N67. 9 trillion for the year. The performance figure of the industry is contained in an audit report of the solid minerals […]
The post Solid minerals account for N87.61bn in 2016 GDP –NEITI appeared first on The Sun Nigeria. …

Why corruption thrives in Nigeria, by NEITI

Why corruption thrives in Nigeria, by NEITI

The Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), a department under the Nigeria Extractive Industries Transparency Initiative (NEITI), has said that absence of a robust ethical framework within institutions is fuelling lack of transparency, mismanagement of funds and poor leadership. In a report titled “Scoping Survey and Gap Analysis of the Ethics Framework in […] …

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