Newly appointed Executive Secretary of Nigeria Extractive Industries Transparency Initiative NEITI has assured the stakeholders that the management of the Agency under his leadership will ensure that the statutory recoverable revenues due for the federal government put at N69.51billion and $5.31billion are recovered into government coffers.
This was revealed during his maiden press briefing held in Abuja yesterday.
These recoverable revenues consist of payments on oil royalty, gas royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax; value-added tax and NNDC levy among others.
According to him, “Since 2004, when Nigeria began the implementation of the EITI, the expectation was that transparency and public disclosure of information and data in the extractive sector will lead to accountability, poverty reduction and national development.”
“This has not been the case. While NEITI has put in the public domain, accurate and verifiable information and data on the sector, the challenge as we all can see is on using the information to bring about accountability and change that would lead to positive visible impacts in the lives of the citizens.”
“It is time to revisit the scope, depth and dimension of our reports to deliver more impacts required to address the unfolding challenges. This is why my focus will be on the implementation of the remedial issues disclosed in the reports.”
“The current NEITI Management under my leadership is already evolving policies and strategies that would ensure that the recommendations in our reports are followed through and statutory recoverable revenues due to government.”
FOR INFORMATIONAL PURPOSES ONLY. The content of this Website is made available by the Nigerian Pilot Newspaper Publisher. This Website seeks to facilitate the dissemination of informative, with engaging, and constructive news about events in Nigerian, Africa, and Globally as they happen. The “Distributor” of this Information are the Nigerian Pilot Newspaper and Nigerian Pilot Tv brands of Dom Communication, LLC.
DISCLAIMER: FAKE NEWS PUBLICATION. This Website NigPilot collects information from several Independent Reporters and may contain unauthenticated and/or copyrighted materials the utilization of which has not generally been explicitly approved or authorized by the copyright proprietor. NigPilot with concern to increase in misleading social media publications, please report any Fake, False, or Misleading News to [email protected] for immediate action.
FAIR USE NOTICE. In accordance with THE LAW, the material on this Website is included for informational and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond “fair use,” you must obtain permission from the copyright owner or Nigerian Pilot WEBMASTER. For Nigerian Pilot Newspaper Advert Rates Click Here!