Multi-stakeholder group approves NEITI Report for 2021

Various stakeholder groups comprising the media, industry investors, regulators and civil society on Wednesday approved the provisional extractive industry report on Nigeria for the 2021 operating year.

In a hybrid event hosted virtually and in-person at the office of the Nigerian Extractive Industry Transparency Initiative (NEITI) in Abuja, the stakeholder groups unanimously approved the interim report for solidification and imminent public presentation.

The report whose contents expose huge financial losses and process breaches would now lay critical agenda for regulators and anti-corruption agencies in closing financial leakages in the petroleum and solid minerals sectors of the economy.

The report also hinted of further studies by NEITI to ascertain the integrity of resource managers at state and local government levels.

Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, who hosted the event, made it clear that key contents of the report are currently embargoed for media reports until all observations and recommendations by stakeholders moderate the final output.

The Daily Champion Newspapers reports that the NEITI Report for 2021, financial year tracked all production and transaction lines in the petroleum and solid minerals sectors for the period and examined related revenue flows for breaches and shortfalls.

Dr Orji said NEITI adopted foolproof methodology used by indigenous auditing firms in reaching conclusions that formed policy advisory already shared with the government.

He said NEITI partnered credible local and international agencies in verifying data volunteered by companies and state agencies audited in the process.

He said the indigenous consultants deployed in the industry auditing process have good performance reputation, adding that the overall objective is to provide empirical and evidence based data that would enable citizens demand accountability on funds yielded by the industry for provision of social services and infrastructure.

He made it clear that NEITI is building and providing a credible basis for citizens to hold political and industry leaders accountable for resource wealth.

“Natural resources should work for all Nigerians, and not just a few,” Dr Ogbonnaya Orji declared.