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The Nigerian Extractive Industries Transparency Initiative (NEITI) said it has received the cooperation of 198 firms and government agencies in the oil, gas, and mining sectors for a nationwide industry audit.
This is the highest number of participation of firms in the audit, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji said at a meeting of leaders from civil society organizations.
In the 2021 edition, 190 firms participated.
In the 2024 edition audit, NEITI will track revenues earned between 2022 and 2024, the quantity of oil, gas, and mining produced, consumed, or imported or exported, the revenues earned and remitted to appropriate government coffers, and the relevant government agencies that collected or expended such revenues.
NEITI will also investigate how the processes undertaken during the transactions measure up to the standards of transparency and accountability in line with the global Extractive Industries Transparency Initiative (EITI).
According to NEITI, out of the 198 companies, 63 firms in the oil and gas industry met the materiality threshold of a minimum royalty payment of $5m while 135 companies that are in the solid minerals industry met the materiality threshold of $6m.
Also, 14 government agencies that either received, took custody or manage oil, gas and mining revenues and eight relevant agencies for the solid minerals sector are covered by the ongoing NEITI industry reports.
The agencies are expected to disclose all payments received and expenditure incurred during the period under review.
Orji said, “The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage.”
According to him, 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.
Orji hailed the commitment and voluntary disclosure of oil, gas, and mining companies in the ongoing independent audit exercise.
The NEITI boss also disclosed that a similar exercise (Data Reconciliation/Validation) for the solid minerals industry would begin in Lagos from Monday, 26th August to 28th August 2024.
It will also be conducted in Abuja shortly after the Lagos exercise, adding that it would set the stage for wider stakeholder reviews and interface on the draft reports.
Orji said, “NEITI’s engagements with the government and its agencies remain very strong, beneficial, and impactful in the implementation of our mandates.
“NEITI continues to sit on the Monthly Federation Accounts & Allocation Committee (FAAC), was recently admitted into the Presidential Committee on Tax and Fiscal Policy Reforms, and the NSWG and the SGF have also tabled a strong case before President Tinubu for NEITI to be included in the recently constituted National Council on Climate Change and Green Economic Solutions. We await the decision.”
