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.”


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