The Federal Government says it will support and deepen the implementation of the Extractive Industries Transparency Initiative (EITI) in the management of Nigeria’s oil, gas and solid mineral
Sen. George Akume, Secretary to the Government of the Federation, gave the assurance on Monday in Abuja while unveiling the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 Solid Minerals Industry Report.
The report, with its theme as “Impact built on blocking leakages to grow revenue” is the 12th in cycle and aimed at producing a solid minerals industry report for 2021 in accordance with the EITI standard.
It covers 1,214 companies operating in the sector and three key government agencies namely; the Ministry of Mines and Steel Development, the Mining Cadastre Office and the Federal Inland Revenue Service.
Akume, represented by Dr Maurice Mbaeri, Permanent Secretary, General Services Office, SGF, said President Bola Tinubu’s administration was committed to the fight against corruption in the extractive industry in particular and in other sectors of the economy.
“We are convinced that the revival of our economy and the eight-point agenda that we recently unfolded cannot yield the desired result if we do not support and strengthen anti-corruption and reform-oriented agencies like NEITI,” he stated.
He commended the NEITI leadership for its extensive work, a core mandate for international commitment and its achievements so far in discharging its mandates over the years, especially during the last board and current management.
‘’Shortly after I assumed office, the NEITI Executive Secretary briefed me and presented a strong case for this administration to continue to support Nigeria EITI to institutionalise transparency and accountability in the oil, gas and mining sectors.
“The NEITI 2021 industry report being unveiled today is quite timely, coming when the present administration is fully committed to diversifying the economy through deliberate priority attention to the non-oil sectors,” he said.
He appreciated the fact that the report examined the payments that mining companies made to government, and the funds that government actually received into its coffers from all revenue streams during the review period.
He assured that the Federal Government would carefully study the report and adopt it as a valuable working document for the government’s overall reform programme for the solid minerals sector.
He called on all extractive industry companies to comply with the EITI process, which was statutory and mandatory.
Speaking, Dr Orji Ogbonnaya Orji, Executive Secretary, NEITI, said while developed nations relied on data-driven information and facts to plan, most developing and underdeveloped countries relied on primordial considerations and assumptions.
Orji said to address the gap in the sector, Nigeria, with its vast extractive industry was implementing the EITI global standard of promoting transparency and accountability in member countries.
“Citizens’ access to reliable data on company revenue and payments, government receipts and prudent utilisation, is not only mandatory but also defines the essence of regular EITI industry reports for member countries,” he said.
Considering the enactment of the Petroleum Industry Act, he said the global focus on renewable energy, climate change, and energy transition, its oil, gas and solid minerals reports offered timely information to prepare Nigerians for crucial debates.
“I, therefore, invite all Nigerians, policy makers, legislators, and civil societies to study the report and use it to hold government and companies accountable.
“He who has the facts controls the debate,” he said.
Over the years NEITI has published 12 cycles of independent reports in the solid minerals covering years 2007 to 2021, which indicated total revenue of N845.14 billion to the federal government.
The 2021 reports recorded total revenue generation of N193.59 billion from the solid minerals sector by the Federal Government.