The Federal Government has said the Muhammadu Buhari administration will implement the findings and recommendations contained in the audit reports of Nigeria Extractive Industries Transparency Initiative.
The Vice-President, Prof. Yemi Osinbajo, stated this in Abuja on Wednesday while receiving the Chairperson of the global Extractive Industries Transparency Initiative, Clare Short, and her delegation at the Defence House, Abuja.
A statement issued by the Director, Communications of the Nigerian Extractive Industry Transparency Initiative, Dr. Ogbonnaya Orji, at the end of the meeting, disclosed that Osinbajo reechoed the determination of the Federal Government to the implementation of the EITI’s principles as part of the plans to reform the oil and gas sector.
According to Osinbajo, the Federal Government would carefully study the reports with a view to ensuring that the findings and recommendations guide government’s actions on the reforms.
Speaking earlier, Short advised the government to consider a major shakeup in the oil and gas industry for the nation to enjoy the benefits from its abundant resources.
She said: “The NEITI reports have all the information and data that will guide the government to reform the industry. It is also important that the government integrates the NEITI into its overall economic policy team.”
In his own remark, the Chairman of NEITI, Mr. Ledum Mitee, called on the federal government to overhaul the Inter-Ministerial Task Team set up to implement NEITI reports, insisting that the team had recorded very little progress.
Also, the Executive Secretary of NEITI, Mrs. Zainab Ahmed, called on the government to divest Nigeria’s interest in the joint ventures operations to free the country from huge burden imposed by Joint Venture obligations.
She also advised the government to critically examine the management of domestic crude allocations, consider the removal of oil subsidy, abrogation of oil swap arrangement and take urgent steps to recover huge sums that are outstanding in the hands of companies as a result of underpayments, underassessment of taxes, rents and royalties.
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