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Nigeria Extractive Industries Transparency Initiative

Oil slump: FAAC disbursements drop in Q1 2019

The fall in oil prices slightly affected government earnings in the first quarter of 2019 as the Federation Allocation Account Committee disbursed N1.929tn between January and March this year.

NEITI: Nigeria loses $16 billion to production sharing contracts

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts, (PSC), with oil companies.

NNPC subsidiary, 22 others owing $49 million in gas flare fines, under-payments

The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and 22 other oil companies are yet to pay to the federation $3,632,075 as fines for flaring gas beyond their allowed thresholds.

NEITI: Oil revenue plunged by $51.39 billion

The total financial flows from Nigeria’s oil and gas sector slumped to $17.05bn in 2016, a 31 per cent decline on the $24.79bn generated in 2015, and a 75 per cent plunge on the sector’s peak earnings of $68.44bn in 2011.

NEITI: Nigeria’s oil sector realised $17.05 billion in 2016

The total financial flows from Nigeria’s oil and gas sector in 2016 was the lowest in a decade and the fifth lowest since the return of democracy in 1999, the latest Nigeria Extractive Industries Transparency Initiative (NEITI) Oil & Gas Industry Audit report has revealed.
Sonni Ogbuoji

Sonni Ogbuoji: I’ll explore 26 solid minerals, others to benefit Ebonyi people

The 2019 governorship candidate of the All Progressives Congress (APC), in Ebonyi State, Sen. Sonni Ogbuoji, on Sunday, lamented that despite the commercial quantity of 26 solid minerals found in the state, it was yet to benefit from it.
Oby Ezekwesili

Oby Ezekwesili: I will end fuel subsidy regime in Nigeria

The presidential candidate of the Allied Congress Party of Nigeria, Dr. Obiageli Ezekwesili, has said that there is a need for a ‘pressing’ reform in the oil sector.
Zainab Ahmed

Zainab Ahmed resumes duty as supervising minister of finance

Mrs Zainab Ahmed, the Supervising Minister of Finance, has resumed duty, New Telegraph can confirm.

NEITI: Federal government shared N3.95 trillion revenue with states, local councils in first half...

Within the first half of this year, the federal, state and local governments in Nigeria have shared a total of N3.95 trillion from the Federation Account, the Nigeria Extractive Industries Transparency Initiative (NEITI) on Monday disclosed.
National Assembly

NEITI, National Assembly partner on implementation of remedial issues

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday said it was collaborating with the national assembly to set up a parliamentary group to coordinate legislative actions on implementation of remedial issues identified by independent audit reports of NEITI in the extractive industry.

Federal government saves $1 billion through direct sale of crude oil

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has confirmed huge benefit accruing to the country following the replacement the offshore processing arrangement (OPA) and crude oil swap with the Direct Purchase of Petroleum Products (DSDP).

House of Reps to probe alleged missing N8 trillion mining revenue

The House of Representatives on Thursday, resolved to investigate alleged loss of N8 trillion from leakages and illegal mining of gold and other solid mineral resources in the country.

NEITI tasks federal government to revisit production sharing agreements in oil sector

Nigeria Extractive Industries Transparency Initiative (NEITI) has alerted the nation on the urgent need to review the Deep Offshore and Inland Basin Production Sharing Agreement between Nigeria and oil companies.

NEITI unveils portal to simplify audit reports in extractive industries

The Nigeria Extractive Industries Transparency Initiative (NEITI), on Thursday unveiled a data “DashBoard’’ platform to simplify its audit reports to ensure informed knowledge for public debate on transparency and accountability in the nation’s extractive industries.

Nigerians urged to use technology to hold government accountable

As the 2019 elections draw near, Nigerians have been urged to use available technology to follow up on government and hold them accountable while in public service.

NEITI: Federal government, others shared N1.94 trillion in first three months of 2018

The Federation Account Allocation Committee (FAAC) disbursed N1.938 trillion in the first quarter of 2018 to the three tiers of Nigeria’s government, a report from the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed.

Maikanti Baru: NNPC most transparent organisation in Nigeria

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, says it will prove to Nigerians that the Corporation is the most transparent organisation in Nigeria.

OPL 245: A most popular oil block

The Petroleum Act 1969 (as amended) grants powers to the Ministry of Petroleum, acting through the Department of Petroleum Resources (DPR) to administer the licensing of oil blocks in the country.

Recent Stories

The death toll in the multiple raids of villages in Sokoto State at the weekend by gunmen on motorbikes, has jumped to 43.

Gunmen attacks: Sokoto death toll hits 43

The death toll in the multiple raids of villages in Sokoto State at the weekend by gunmen on motorbikes, has jumped to 43.

INEC meets Tuesday to decide on Rochas Okorocha’s certificate of return, others

Except a miracle happens, former Governor of Imo state, Rochas Okorocha, may not be part of the inauguration of the 9th National Assembly on Tuesday.
Danny Rose

Tottenham defender Danny Rose uncertain over future

Danny Rose is well aware of the speculation linking him with a move away from Tottenham Hotspur but while the defender says nothing has been decided about his future he is well prepared to deal with whatever comes next.

Orji Kalu: I’m still in deputy senate presidency race

The National Working Committee (NWC) of the All Progressives Congress (APC) has not adopted Senator Ovie Omo-Agege as Deputy Senate President, a leading contender for the position, Orji Kalu, has declared.

PDP assemblyman nominates APC lawmaker Kano Assembly Speaker

The Kano State House of Assembly has elected the member representing Ajingi Constituency, Alhaji Abdulaziz Garba-Gafasa, as the new Speaker of the 9th Assembly.