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Tag: NEITI

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NEITI commits to providing technical support for 2024 tax reform

The Nigeria Extractive Industries Transparency Initiative has pledged to support the legislative process of the 2024 Tax Reform Bill by offering technical inputs, data-driven insights, and policy recommendations to enhance transparency and accountability in the extractive sector. NEITI aims to ensure the 2024 Tax Reform Bill strengthens fiscal transparency, enhances accountability, and maximizes resource benefits […]

News

Oil operators’ debt to FG reaches $6.1bn – NEITI

The Nigeria Extractive Industries Transparency Initiative has revealed that, as of August 2024, oil and gas operators owe the Federal Government a total of $6.1 billion in unpaid royalties, taxes, rents, and other collectible revenues. This outstanding amount reflects the liabilities that have yet to be settled by industry players, highlighting significant challenges in revenue […]

News

Nigeria’s crude oil production losses hit 362.28m barrels – NEITI

A recent report by the Nigeria Extractive Industries Transparency Initiative highlights significant losses in Nigeria’s oil production, totaling 362.28 million barrels from 2014 to 2023. These losses are attributed to factors such as measurement errors, sabotage, and production adjustments. This loss translates to approximately 992,547 barrels of crude oil per day over the span of […]

News

NEITI to audit revenues of 190 oil, mining companies

The Nigerian Extractive Industries Transparency Initiative has revealed that 198 extractive companies and government agencies have submitted data for its ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining sectors. The Executive Secretary of NEITI, Dr. Orji Ogbonnaya made the announcement during a meeting with civil society leaders in Abuja. The […]

News Oil and Gas

Nigeria lost $1.84b fuel to theft in nine years – NEITI

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr Ogbonnaya Orji, has revealed that in nine years, the nation lost petroleum products valued at $1.84 billion from refineries. This was disclosed in a statement by Orji on Monday at the opening ceremony of the 2024 NEITI board retreat/meeting in Lagos, according to The […]

NEITI to release old data, says global body
Business

NEITI to release old data, says global body

A global organization that advocates for transparency in the oil and mining industries, known as the Extractive Industries Transparency Initiative, has expressed concern on Friday about the Nigerian Extractive Industries Transparency Initiative’s distribution of outdated data. The PUNCH reported that EITI tasked NEITI with making its data more timely, as the global organization encouraged Nigerian journalists to […]

Oil and Gas

NEITI, oil producers partner on transparency, accountability

The Nigerian Extractive Industries Transparency Initiative and the Oil Producers Trade Section have held meetings with mining companies and oil companies to discuss ways to improve accountability and transparency in the country’s solid minerals and oil and gas industries. The Punch reported that OPTS organized the forum in Lagos, where the Executive Secretary and Chief Executive […]

NEITI to release old data, says global body
Oil and Gas

Nigeria made $764bn from oil, gas sector 21 years – NEITI

Nigeria’s oil and gas industry brought in $764.52 billion from 1999 to 2021. This is according to the Nigerian Extractives Industries Transparency Initiative’s Executive Secretary, Dr. Ogbonnaya Orji. The Times reported that during his speech this week at the Nigeria Energy Forum, he provided the numbers. Important figures mentioned by Dr. Orji during his speech […]

NNPC, First E&P provide free healthcare in host communities
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NNPCL failed to remit N2.8tn taxes – NEITI

The Nigerian Extractive Industries Transparency Initiative has stated that the Nigerian National Petroleum Company Limited failed to pay the Federal Government roughly N2.8 trillion in taxes in 2022. According to NEITI’s recently released “2021 Oil and Gas Industry Report,” of the approximately N3.5 trillion ($8.25 billion at the 2022 exchange rate of N448 to $1), that […]

NNPCL demolishes 34 illicit refineries
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NNPCL trades N2.6tn of crude for refined products

The Nigerian National Petroleum Company Limited traded crude oil worth N2.6 trillion for refined petroleum products in 2021, according to the most recent data from the Nigeria Extractive Industries Transparency Initiative, an organization under the federal government. The Punch reported that according to data on crude oil output taken from the NEITI’s recently issued 2021 […]

NEITI to release old data, says global body
Oil and Gas

How FG earned N4.3trn from oil in 2021 – Report

The Nigerian Extractive Industries Transparency Initiative estimates that the Federal Government received N4.3 trillion from the oil and gas industry in 2021. The Punch reported that this information was found in the “Oil and Gas Industry Report for 2021” by NEITI. This accounts for around 40% of overall revenue now, down from 51% in 2020, […]

NEITI to release old data, says global body
Business

NEITI reveals $8.264bn unpaid debt in oil and gas industry

The Nigerian Extractives Industries Transparency Initiative has reported that the entire outstanding financial liabilities in the oil and gas sector owed to the Federation amount to a sizeable $8.264 billion, which is a discovery of the utmost importance. According to The Punch, a significant percentage of $13.591 million of this astonishing amount was designated as revenues payable […]