The Nigerian Extractive Industries Transparency Initiative (NEITI) has reiterated its commitment to ensuring that Nigeria derives maximum benefits from its natural resources in an accountable and transparent atmosphere.
Reacting to the current restructuring of the Nigerian National Petroleum Corporation (NNPC) and other wider reform initiatives by President Buhari, NEITI said it welcomes with hope and optimism the courageous steps taken so far by the president.
NEITI is an agency set up by law to implement the global principles of Extractive Industries Transparency Initiative which Nigeria is a signatory.
NEITI has a legitimate interest in the on-going sweeping reforms in Nigeria’s Oil and Gas sector.
In a press release made available to our correspondent in Abuja by the Director of Communications, Dr Orji Ogbonnaya Orji, NEITI praised the president for taking‘measures that has largely inspired hope and confidence’ saying they are consistent with its findings and recommendations as published in various independent Audit Reports
The press release read: “NEITI is encouraged that the measures taken so far largely inspire hope and confidence. The measures are also consistent with the findings and recommendations of NEITI in its various Independent Audit Reports. These Reports were ignored in the past.
“We are therefore delighted that the much needed political will required to boldly implement the NEITI recommended reforms is now provided, available and accessible under the leadership of President Muhamadu Buhari.”
NEITI also applauded the appointment of Dr. Ibe Kachikwu, as the Group Managing Director of NNPC saying the decision is already yielding results.
“The careful decision made to appoint Dr. Kachikwu is already evident in the on-going dismantling of the unwieldy structure of the NNPC that made it impossible in the past for the organization to respond to increasing public demands for reforms.
“It is our considered hope that new NNPC Group Managing Director and his new team will consider it a priority to carefully study the findings and recommendations outlined in NEITI independent Reports of the sector. This is with a view to implementing the pending remedial issues under a plan already developed by NEITI and the Inter Ministerial Task Team (IMTT).”
Some of NEITI’s recommendations bothers on inadequate metering infrastructure for accurate measurement of crude, the burdensome JV cash call regime, inept cost determination, urgent resolution and review of pricing issues related to expired MoUs and legal agreements with oil companies that have huge revenue loss implications for the nation.
NEITI also pledged its readiness to work with the NNPC boss.
“We in NEITI are ready to offer any advise, support, partnership and cooperation based on mutual respect to the new NNPC that is emerging under the leadership of Dr. Ibe Kachikwu. This is to ensure that the NNPC conforms fully to the requirements of transparency and accountability as enshrined in the NEITI act of 2007.”
In the same vein, NEITI endorsed two other major steps taken by president Buhari on sweeping reforms in Nigeria. These are include the recent directive on operation of a single treasury account system and decision to set up a Presidential Committee on Anti-Corruption led by Prof. Itsay Sagay, SAN.
NEITI also called on the president to extend the on-going reforms to the mining and solid minerals sector saying it has huge potentials.
“From NEITI’s scoping study and independent audit reports, this sector has the potential to yield more revenues for the country than oil, if given the attention it deserves. One urgent step required now is to immediately check the activities of illegal miners many of whom are foreigners that have taken over the solid minerals sector without authorization,” the press statement read.
Many believe that one of the major determinants of president Buhari’s success lies in his ability to reform and re-position Nigeria’s oil and gas sector. The sector is bedeviled by corruption, lack of transparency and accountability.
It was recently discovered that the NNPC, could not determine the number of accounts it has.
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