Headline News Oil&Gas

Block leakages in oil sector, NEITI tells stakeholders

Dr Orji Ogbonnaya addressing the participants at the event. Photo: NEITI

Nigeria Extractive Industries Transparency Initiative (NEITI), says it will continue to provide information and data to support revenue generation for the government, block leakages, support national development and reduce poverty.

Executive Secretary of NEITI, Dr Orji Ogbonnaya stated this on Tuesday in Abuja at technical roundtable on Economic agenda setting for President Bola Ahmed Tinubu’s Administration.

The programme organized by ActionAid Nigeria in collaboration with the Centre for Social Justice and the Nigeria Labour Congress.

The global EITI which NEITI is implementing is a multi-stakeholder coalition of government, companies and civil society coming together to ensure that there is transparency and accountability in Nigeria’s oil, gas and mining industry.

NEITI considers ActionAid’s initiative at making technical inputs to the President’s economic agenda as very apt, instructive, commendable and shaping a better future for our nation.

Dr Orji Ogbonnaya says Agency will ensure transparency and accountability in the nation’s oil, gas and mining sector.

‘NEITI recommendations when fully implemented will support and grow the economy of the nation. We have presented these recommendations to the President for his policy interventions”. he noted.

Prioritizing the implementation of the Petroleum Industry Act (PIA), Dr Ogbonnaya stated that Presidential Steering Committee (PIASteerco) set up to implement the PIA, identified 85 regulations and 27 model contracts to be developed to shape the implementation of the Act.

According to him, the regulations when fully developed will strengthen the fiscal regimes and overall governance of the nation’s oil and gas sector.

He also suggested the review, strengthen and reconvened PIA Implementation Steering Committee membership or reconstituted to ensure the conclusion of its work.

NEITI’s appeal for the implementation of the PIA based on a multi-stakeholders-driven strategic plan.
”NEITI supports the President’s removal of petroleum subsidy because of its huge burden on the economy, depriving other sectors of the much-needed funds for development and social projects. We recommended the urgency to unveil a comprehensive Welfare Programme for the poor and the vulnerable”. he noted.

NEITI will convene a multi-stakeholders dialogue of government to advance public debate on ensuring the right agenda for the present administration.

Writing by Kayode Oyebisi; Editing by Adeniyi Bakare