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NEITI calls for transparency to unlock Nigeria’s energy potential
The Nigeria Extractive Industries Transparency Initiative (NEITI) has emphasised the importance of accountability and transparency in the nation’s energy sector.
Its Executive Secretary, Dr Orji Ogbonnaya Orji, said this at the Association of Energy Correspondents Annual Strategic International Conference on Thursday in Lagos.
The theme of the 2024 conference is “Gas As Energy Transition Fuel : “Navigating Nigeria’s Trilemma of Finance, Energy Security, and International Politics””.
Orji, who was represented by Mr Taiwo Olasupo, South West Zonal Representative, NEITI Board, said that these principles were essential for attracting long-term investments necessary to harness Nigeria’s vast energy resources.
“Without these pillars, no serious investor will commit significant capital to our sector,” he stated, reinforcing the link between transparency and investor confidence, ” he said.
Orji, who shared key findings from NEITI’s recently released 2022/2023 Oil and Gas Industry Reports, revealed that as of June, over $6.071 billion and N66.4 billion in outstanding revenues were owed to the Federal Government.
He noted that unpaid royalties and gas flare penalties accounted for $6.049 billion and N65.9 billion due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“Additionally, outstanding taxes, including petroleum profit taxes, company income taxes, and VAT, totaled approximately $21.926 million and N492.8 million owed to the Federal Inland Revenue Service (FIRS),” Orji added.
He said that the NEITI report also provided insights into fuel importation and subsidy claims, noting that 23.54 billion liters of Premium Motor Spirit (PMS) were imported in 2022, dropping to 20.28 billion litres.
Orji added, “In 2023, an overall 14 per cent decline was attributed to the removal of fuel subsidies.
“Over the period from 2006 to 2023, claims of under-recovery and price differentials reached an eye-watering N15.87 trillion, with N4.714 trillion claimed in 2022 alone.
“On crude oil production, the figures reflect a mixed bag: in 2022, production stood at 490.945 million barrels, marking an 11 per cent decrease from 2021.”
He, however, noted that 2023 saw a rebound with production rising to 537.571 million barrels, an increase of 9.5 per cent.
“Crude lifting mirrored this upward trend, reaching 534.159 million barrels in 2023, an 11 per cent increase from the previous year,” the executive secretary said.
Orji also said that the report highlighted significant progress in combating oil theft, with losses dropping dramatically from 36.69 million barrels in 2022 to just 7.68 million barrels in 2023, a 79 per cent reduction.
The NEITI boss said that revenue generation figures also showed a positive trajectory, adding that in 2022, material companies generated $15.549 billion.
This, he said, increased to $21.415 billion in 2023, accounting for 96 per cent and 95 per cent of total industry revenues, respectively.
Orji made clear that NEITI’s commitment to fighting corruption and building public trust is vital for the sector’s future.
He said that the organiaation’s regular audits and independent reports aim to ensure that revenue from the oil, gas, and solid minerals sectors benefits all Nigerians.
In an appeal to the media, Orji stressed the crucial role journalists play in promoting transparency and holding power accountable.
“Your stories and investigations can expose corruption and drive reform,” he stated, inviting energy correspondents and stakeholders to partner with NEITI in this vital mission.
Headlines
FRSC warns truck drivers against speeding, reckless driving
Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.
He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.
The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.
He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.
“All these are factors responsible for accident when drivers are not conscious of the driving rules.
“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”
He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.
Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.
He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.
He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024
Headlines
Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
Headlines
Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties
President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.
The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.
Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.
Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”
Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.
Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”
The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.
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