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Tag: NEITI

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has expressed concern on Friday about the Nigerian Extractive Industries Transparency Initiative’s distribution of outdated data.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 […]

NEITI to release old data, says global body
Business

238 mining firms owe FG N1.06bn – NEITI

The Federal Government is owed roughly N1.06 billion in annual service fees by 238 companies, according to the Nigeria Extractive Industries Transparency Initiative. According to The Punch, this information was included in the newly released NEITI Industry report for the Solid Minerals Industry for 2021. “From the IA review of MCO’s record of mineral title […]

NEITI to release old data, says global body
News

FG, states, LGs split N4.37trn in six months – NEITI

The Nigeria Extractive Industries Transparency Initiative has revealed that the three levels of government—federal, state, and local—divided a total of N4.37 trillion in statutory revenue allocations from the Federation Account between January and June 2023. This was stated in its most recent report on revenue allocations from the Federation Account for the first half of […]

NEITI to release old data, says global body
Business

How Nigeria earned $742bn oil revenue 21 years – NEITI

Nigeria gained $741.5 billion and N635.3 billion from the oil/gas and solid minerals sectors, respectively, over 21 years, according to the Nigeria Extractive Industries Transparency Initiative. According to The Punch, the executive secretary of NEITI, Ogbonnaya Orji, made this announcement at a stakeholders roundtable the organization convened in Abuja for the evaluation and approval of NEITI 2021 […]

NEITI to release old data, says global body
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Subsidy: NEITI faults fuel consumption data, begins investigation

The Nigeria Extractive Industries Transparency Initiative has stated that the high PMS consumption data being given by some government entities were false and that research to ascertain Nigeria’s actual fuel consumption had been launched. The Punch reported that the Executive Secretary of NEITI, Ogbonnaya Orji, said this on Tuesday in Abuja while speaking to the press on the sidelines of […]

NEITI to release old data, says global body
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Nigeria spent $74bn on fuel subsidies 16 years – NEITI

The Nigeria Extractive Industries Transparency Initiative has revealed that Nigeria spent $74.39 billion, or N13.69 trillion, on fuel subsidies between 2005 and 2021. According to Nairametrics, they commended President Bola Tinubu’s subsidy removal, stating that it is a good thing as they urged him to put the conclusions and suggestions from the NEITI reports into practice. This information was […]

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