NEITI

NEITI disclosed this in its 2016 Oil and Gas Audit Report released in Abuja on Friday.

NEITI made the clarification in a statement signed by its Director of Communications and Advocacy, Dr Orji Ogbonnaya Orji, in Abuja, on Tuesday.

NEITI made this known in its audit report released at the National Conference on Remedial Issues in Abuja on Monday.

The report released in Abuja, on Monday, noted that amount rose by 41.4 per cent compared to N2.788 trillion disbursed in the first half of 2017 and 95.4 per cent higher than the N2.019 trillion disbursed in the first half of 2016.

According to the report, the drop in prices of oil in the international market from $101.91 in 2014 to $52.16 in 2015 is a major factor.

He said that NEITI’s 2013 audit of the oil and gas sector showed that $10.4 billion and N378.7 billion, that is N3.2 trillion at the current exchange rate, were lost

He said: “For too long, our country is used as a symbol for anything that is wrong in terms of countries that are endowed with resources. “We want that narrative to change

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Waziri Adio, made the disclosures in an interview with the Economic Confidential, the intelligence magazine

It, therefore, stressed the need for public disclosure of the real owners of companies operating in all sectors in Nigeria, especially those in the extractive sector

Crude Oil Swap is an arrangement by the Federal Government whereby the Nigeria National Petroleum Corporation supervises the trading of the nation’s crude oil for refined products

The Nigerian Extractive Industries Transparency Initiative has commended the steps taken by President Muhammadu Buhari to reposition the Nigeria National Petroleum Corporation for greater efficiency. In a statement by its Director of…

Ahmad also advised the Federal Government to device other means of mitigating the challenges of fuel availability and affordability faced by Nigerians outside of the subsidy method

The statement quoted the Group Managing Director of the NNPC, Dr. Joseph Dawha, as giving the assurance when he met with a delegation of NEITI and International Extractive Industry Transparency Initiative in Abuja

Short said it was important for the government to give attention to the reports in view of the in-depth analysis of the activities of operators in the extractive industry

It stated that the report formed part of NEITI’s highlights on the Independent Audit Report in the Oil and Gas sector for 2012

NEITI's Director of Communication, Dr. Orji Ogbonnaya Orji, said also that media reports from the presentation attributed to NEITI that the nation loses $8 billion annually through crude oil swap were not only wrong but misleading

The NEITI Executive Secretary, Zainab Ahmed, made the recommendation at the investigative hearing on the alleged connivance of the Nigerian National Petroleum Corporation and Swiss oil companies to defraud Nigeria of billions of dollars

At a joint reconciliatory meeting on the audit report, held in Abuja on Tuesday, NIETI conceded that the PPPRA had, indeed, no case to answer, contrary to NEITI’s earlier declaration that it stood by the controversial audit report

He said there was never a time the audit report was "signed-off" by the management of the PPPRA, challenging NEITI to make a copy of the sign-off public, to prove its claim against PPPRA

The Chairman of the Board of NEITI, Ledum Mitee, who disclosed this on Monday, also revealed that within the period under review, the country was only able to process 2.5 billion barrels officially