NEITI Partners RMAFC To Enthrone Transparency In Oil, Gas Sector

The Nigeria Extractive Industries Transparency Initiative (NEITI) has promised to partner with the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to enthrone transparency in Nigeria’s  oil and gas sector
NEITI’s Executive Secretary, Mrs Zainab Ahmed, made the pledge last week in Abuja at a workshop on “Fiscal Allocation and Statutory Disbursement Audit’’ of the extractive sector

The Nigeria Extractive Industries Transparency Initiative (NEITI) has promised to partner with the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to enthrone transparency in Nigeria’s  oil and gas sector
NEITI’s Executive Secretary, Mrs Zainab Ahmed, made the pledge last week in Abuja at a workshop on “Fiscal Allocation and Statutory Disbursement Audit’’ of the extractive sector
“NEITI will continue to work with RMAFC and other partners in both the public and private sectors to ensure better transparency and accountability in the management of Nigeria’s extractive industries revenue,’’ she said.
Ahmed was represented at the workshop by Dr Orji Ogbonnaya Orji, NEITI’s Director of Communications.
Ahmed said that the workshop was organised to acquaint Federal Government agencies and other stakeholders on the templates and workings of the audit.
“This exercise will focus on Fiscal Allocation and Statutory Disbursements of the extractive industries revenues from the Federation Account to the three tiers of government as well as other agencies of government.
“This includes agencies that directly receive allocations from the Federation Account,’’ she said.
According to her, the exercise has become imperative in view of the mutual suspicion and distrust that exist among the three tiers of government over who gets what and how.
She said that the audit was expected to cover the actual disbursement of funds accrued to the Federation Account from the oil and gas sector and track the actual application of the funds.
Ahmed said that the holistic exercise would also cover the Federal Government’s share of Derivation and Ecological funds application of Excess Crude Oil Account.
The executive secretary said that the exercise would also cover the 13 per cent derivation allocation to states and local governments.
She said that the exercise was aimed at assisting the three tiers of government to ensure transparency in the allocation and disbursement of extractive revenues and not a witch-hunt.
She said that NEITI had engaged the services of an indigenous professional audit firm, SIAO, for the exercise and called on all stakeholders to cooperate with the auditors as required by law.
Earlier, the RMAFC Chairman, Mr Elias Mbam, said that the workshop was in consonance with the ideals of RMAFC on total disclosure, accountability and transparency in government business.
“The commission shall continue to collaborate with NEITI in promoting these ideals in the management of Nigeria’s extractive industries revenue,’’ Mbam said.
He said that the exercise was vital for promoting good governance and socio-economic development in view of the fact that extractive industry contributed 80 per cent of the nation’s revenue.
The government agencies involved in revenue collection and disbursement also attended the workshop.
The agencies include Nigeria National Petroleum Corporation, Central Bank of Nigeria, Office of the Accountant-General of the Federation, Office of the Auditor-General of the Federation, Budget Office and National Planning Commission.