It said the figure is N377 billion or 4.42 per cent lower than the 2018 figure of N8.524 trillion, but N1.728 trillion or 26.92 per cent higher than the total disbursements of N6.419 trillion made in 2017.
Browsing: NEITI
Adio’s position echoed those of other stakeholders who gathered on Tuesday in Lagos to witness the formal public presentation of the technology tool developed and deployed by OrderPaper Advocacy Initiative in conjunction with the Civil Society Steering Committee of NEITI.
It said the figure showed a 23 per cent increase from the 2016 figures of 17.05 per cent and 15 per cent lower than $24.79 billion inflow recorded in 2015.
The mobile app, called RemTrack, was designed and developed by OrderPaper Advocacy Initiative in collaboration with the Civil Society Steering Committee of NEITI.
The Nigeria Extractive Industries Transparency Initiative says that about 16.3 million metric tons of solid minerals valued at 30 million dollars was exported from Nigeria in 2017.
The Nigeria Extractive Industries Transparency Initiative said N28.58 trillion was remitted to the Federation Account between 2012 and 2016 from mineral revenues, non-mineral revenues and Value Added Tax.
The commitment to transparency and accountability by the new management of the Nigeria National Petroleum Corporation, led by Mallam Mele Kyari, has continued to attract commendation and support for the Corporation as the Nigeria Extractive Industries and Transparency Initiative has expressed absolute faith in the ability of the new Group Managing Director to turn around the fortunes of the Nigerian petroleum industry.
Human rights activist, Femi Falana (SAN), has filed a suit at the Federal High Court in Abuja in which he is seeking to compel the Muhammadu Buhari Administration to recover the sum of $40 billion and N481 billion based on the audit of the extractive industry carried out by the Nigeria Extractive Industry Transparency Initiative, an agency of the Federal Government.
OrderPaper Advocacy Initiative has hailed the Nigeria Extractive Industry Transparency Initiative on Nigeria’s emergence as one of seven countries that have attained the highest ranking of “Satisfactory Progress” by the global watchdog, Extractive Industries Transparency Initiative.
The International Board of Extractive Industry Transparency Initiative says Nigeria has attained the highest rating in implementation of its standards by member countries.
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