The House of Representatives Committee on Petroleum Downstream on Thursday assured that the 10th National Assembly would pass necessary legislation that would review the Act setting up the ” Nigeria
Extractive Industry Transparency Initiative (NEITI) to empower the agency to fully achieve its core mandate.
The Chairman of the Committee, Hon Ikeagwuonu Ugochinyere (PDP_Imo), while receiving a delegation from the Extractive Industry Transparency Initiative to the National Assembly,
He disclosed that already 70 members have agreed to co-sponsor a bill to that effect because of the importance attached to the Agency
According to him, “the Nigeria Extractive Industries Transparency Initiative (NEITI) has recorded giant strides in ensuring transparency and accountability in the management of Nigeria’s oil, gas, and mining revenues.I also commend NEITI for your giant strides and courage in pursuing your mandate and mission in our extractive sector. The openness, transparency, and partnership we enjoy with NEITI have never been seen in the National Assembly.
“In truth to our partnership and for the first time in the history of the House of Representatives, we successfully laid the NEITI 2021 Oil and Gas Industry Report on the floor of the House of Representatives on Wednesday, October 25, 2023, via a motion that I sponsored, in compliance with the provisions of Section 4 (3) of the NEITI Act. The House, through its Petroleum Resources Committees, has commenced its consideration, investigating, and working on all the recommendations from the Report. The outcomes of this review will be made public and implemented accordingly.”.
” We are also working with sister Petroleum/Oil and Gas Committees with a view to ascertaining those who operate extractive industries in Nigeria, so as to deepen transparency and public oversight of the industries through the House.
We also seek to pursue the recovery of public funds that were either mismanaged, wasted, or yet to be remitted from the extractive industries. It is also our desire to ensure that there is accountability on the part of state-owned extractive industries so as to ensure that greater value and revenue are derived from the sector for the good of the nation and to foster a sustainable energy transition.”.
Speaking earlier, the Deputy Director of the Extractive Industry Transparency Initiative, Mr Bady Badde, applauded Nigeria’s achievements in the extractive industry.
According to him, “For this mission, we were attached to an international board, which is led by its chair. Helen Clark, who mandated us to travel to Nigeria to convey the outcome of the last validation, which is quality assurance, as it applies to all member countries, to verify the extent to which they are agreeing to the commitment of EITI principles and requirements in terms of transparency. And also stakeholder participation in dialogue to help foster and improve the governance of the sector.”
On his own, the Executive Secretary of the Nigeria Extractive Industry Transparency Initiative, Dr. Orji Ogbonnaya Orji, said that the agency had conducted a lot of investigations with findings and recommendations.
According to him, ” the reports are just documents, except they are implemented.”
. TheWitness
