President Buhari inaugurates NEITI Governing Board

President Muhammadu Buhari has inaugurated the Nigerian Extractive Industries Transparency Initiative (NEITI) Governing Board.

At the inauguration, the President urged the members to preserve the virtues of the Board.

The Federal Government  reaffirmed its  commitment to the implementation of the principles, objectives and standards of the Extractive Industries Transparency Initiative (EITI) in Nigeria’s oil, gas and mining sectors.

Buhari re-affirmed the 8 commitment to the EITI during his inauguration of the newly constituted 15 member National Stakeholders Working Group (NSWG) also known as the Governing Board of the Nigeria Extractive Industries Transparency Initiative (NEITI) today in Abuja.

“Let me renew the commitment of the Nigerian government to the implementation of the EITI implementation under the provisions of the NEITI Act 2007 and the global EITI Standards. The present administration is passionate about the EITI process because it serves two key agendas of this administration.

“First, the extractive industry is very strategic to Nigeria’s economy and hence central to my administration’s economic agenda. Secondly, transparency and accountability in the management of our natural resources is equally central to the anticorruption agenda of this government.

“Nigeria is therefore irrevocably committed to the implementation of EITI in the oil, gas, and mining industries.

“Our faith in the EITI process is not just because it is key to these two key government agendas, but also because, over the years, NEITI has demonstrated a high degree of competence, integrity and commitment to the values that the country requires to achieve economic growth and development in the sector through availability of reliable information and data required for national planning and reforms, ” Buhari stated.

Represented by the Secretary to the Government of the Federation, Mr. Boss Mustapha, Buhari explained that the appointment and inauguration of the NEITI Board is another practical demonstration of his administration’s commitment to transparency and accountability in the management of Nigeria’s economic resources especially given the mandate and objectives of the Nigeria Extractive Industries Transparency Initiative (NEITI).

He advised the new Board to ensure that NEITI continues to preserve these virtues for the benefit of the citizens.

The president noted that Nigeria has witnessed phenomenal revenue growth from the oil, gas and solid minerals sector as a result of the meticulous implementation of the principles of the EITI by NEITI which has also initiated and driven most of the reforms witnessed in Nigeria’s extractive sector in the past seventeen years.

“EITI is not just a local agency of government, but part of an international organisation.

“Hence it must be seen to comply with the principles of the international EITI. Your mandate as the Board of this organization is to ensure effective EITI implementation in Nigeria by providing policy and strategic direction, guidance, monitoring and oversight to the EITI process in Nigeria, ” Buhari was quoted to have said in a statement by NEITI’s Head, Communications and Advocacy, Mrs. Obiageli Onuorah.

Nation/Hauwa Abu