NEITI to release independent audit reports

Abubakar Mohammed, Abuja

The Nigeria Extractive Industries Transparency Initiative,NEITI, will today, Monday, release its audit reports on the oil, gas and the solid minerals sectors.

The reports which covered transactions in the sectors for the year 2013 will be unveiled at a press conference today, Monday  in Abuja.

The 2013 NEITI audit reports reviewed and confirmed revenues and investment flows from companies to Government in the two sectors.

The oil and gas audit reported the financial, physical flows and process issues in the sector. It specifically covered payment issues, petroleum products importation, fuel subsidy regime, measurement of crude and the basis for computation of taxes, royalty and pricing of crude.

Other areas covered by the oil and gas report include production and lifting volumes, mapping of hydrocarbon flows, volumetric analysis, examination of procedural systems, data reconciliation, financial implications, value analysis and payments by companies to some government agencies such as the NDDC.

On the Solid Minerals Sector, the 2013 audit covered mining production, export sales, social contributions and other material payments and benefits to government entities from the sector, in addition to reporting of payments made by extractive companies operating in the sector and revenues received by government entities. This is with the aim of assisting government identify the contributions of solid mineral resources to the economic and social development of the country and proffer strategies on how to realise the sector’s potential through improved resource governance.

Consequently, the two audit reports to be released by NEITI also evaluated process, governance and institutional issues in the extractive industries and made recommendations on how government can address the identified gaps.

During the event, Chairman of the National Stakeholders’ Working Group (NEITI Board) and Minister of Solid Minerals Development, Dr. Kayode Fayemi will present the key highlights of the reports.

The release of these audit reports will mark the climax of over eleven months of extensive and painstaking work on the project. It will also mark the commencement of series of stakeholders’ engagements on the reports already outlined by the NEITI.

Media organizations, both local and international, including social media actors have been invited to cover the press conference.