Connect with us

Headlines

NEITI calls for transparency to unlock Nigeria’s energy potential

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Borno Govt odonates vehicles, motorcycles to Nigerian Army

Published

on

Borno Government has donated five operational vehicles and 15 motorcycles to the Nigerian Army to enhance security operations in Dikwa Local Government.

The donation was made by Gov. Babagana Zulum on Monday during a visit to the 24 Task Force Brigade of the Nigerian Army in Dikwa.

Zulum, who was represented by the Deputy Governor, Dr Umar Kadafur emphasized the importance of equipping security forces to maintain peace and stability in the region.

Zulum said that two of the five vehicles were for the Civilian Joint Task Force while the rest were for the army.

The governor commended the Brigade Commander, Brig.-Gen. Ezekiel Bawa Barkins, for the military’s support in ensuring the successful resettlement of displaced persons in Dikwa and surrounding areas.

He urged the security agencies to remain vigilant and continue their commitment to safeguarding the lives and property of citizens.

He said the donation was Borno Government’s broader efforts to strengthen security infrastructure and support the military and local volunteers in combating insurgency and restoring normalcy across the state.

Continue Reading

Headlines

LG administration central to democracy in Nigeria -Nwoko

Published

on

Of the biases of a nation: One Nigeria

Sen. Ned Nwoko (PDP-Delta) says that Local Government Administration is central to democracy in Nigeria as it ensures grassroots governance and service delivery at the local level.

This is contained in a statement signed by Dr Michael Nwoko, the Chief of Staff to the lawmaker in Abuja on Monday.

Nwoko said this on the occasion of the presentation of an award “Icon of Hope” to him by the Association of Local Government Vice Chairmen of Nigeria (ALGOVC).

He was represented by his Chief of Staff.

He said that the importance of local government administration in the country could not be overemphasised, as it was the bedrock of democracy.

According to him, local governments in Nigeria play key roles in the country’s democracy by promoting participatory democracy, providing services, and representing citizens.

“Local Governments help determine local needs and how to meet them. They also act as a link between the centre, state, and local people.

“They are created to decentralise power and bring the government closer to the people. They perform both mandatory and concurrent functions.

“It is in view of this that I took it upon myself to enhance the viability of local governments through the Paris and London club loan refunds, “he said.

Dr Folashade Olabanji-Oba, ALGOVC National Chairman, while presenting the award at its 7th Annual National Conference, said the award was in recognition of the lawmaker’s significant contributions to strengthening local government administration.

She highlighted Nwoko’s critical role in ensuring the Paris and London Club loan refunds, a financial breakthrough she said enhanced the capacity of local governments nationwide.

 

Continue Reading

Headlines

Court dissolves marriage after return of N20, 000 bride price

Published

on

An Area Court sitting at Centre-Igboro in Ilorin on Thursday dissolved the Islamic marriage between Wuraola Surajudeen and Surajudeen Omo Iya-Onitasi.

The Presiding Judge, Hammed Ajumonbi, pronounced the dissolution of the marriage after the now ex-wife refunded the N20, 000 bride price to the now ex-husband.

Ajumonbi held that both parties, who were residents of Abayawo in Ilorin, could go their separate ways since there was no child between them.

The court, however, asked the woman to file another case to claim her belongings still in the custody of the man, saying the application before it was only for divorce.

Earlier, Wuraola had on Nov. 27 filed for divorce and cited lack of love and affection as reasons.

Surajudeen, who did not oppose the application, had however insisted on the refund of the bride price he paid.

However, Wuraola while returning the bride price, had told the court that she did not pick anything before leaving their matrimonial home.

She had urged the court to grant her permission to pack her belongings, but the court refused and asked her to file an application to that effect.

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights