Drums of oil

About 198 extractive companies and government agencies have submitted information and data for the ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining industries by the Nigerian Extractive Industries Transparency Initiative. The Executive Secretary of NEITI, Dr Orji Ogbonnaya, announced this in Abuja while addressing a meeting of leaders from civil society organisations involved in the extractive sector. This was contained in a statement made available to The PUNCH by NEITI’s Acting Director/Head of Communications & Stakeholder Management, Mrs Obiageli Onuorah, on Monday. Out of the 198 companies, Ogbonnaya explained that 63 are in the oil and gas industry, meeting the materiality threshold of a minimum royalty payment of $5m, while 135 companies, which met the materiality threshold of N6m are from the solid minerals industry. Of the government agencies that either receive, take custody or manage oil, gas and mining revenues, 14 of such agencies for the oil and gas and eight relevant agencies for the solid minerals sector are covered by the ongoing NEITI industry reports, he stated. The agencies are expected to disclose all payments received and expenditures incurred during the period under review.

punch