Abuja, Nigeria — ESI-AFRICA.COM — 20 January 2012 – Further to the resolve of the Federal Government to promote transparency and accountability in the management of Nigeria’s oil, gas and mining revenues, the Federal Executive Council (FEC) has approved the sum of US$2.3 million for the Nigeria Extractive Industries Transparency Initiative, (NEITI) to audit the revenue of that sector.
Minister of information, Labaran Maku made the disclosure at a media briefing on the outcome of the week’s FEC meeting presided over by President Goodluck Ebele Jonathan at the State House here.
He stated that the audit of the oil and gas revenues awarded to Messrs Sada Idris & Company at the cost of US$1.4 million would cover the period of 2009 to 2011, while the solid mineral revenue audit awarded to Messrs Haruna Yahaya & Company would cover 2009 to 2010, adding that both firms were expected to complete their assignment in nine months.
Maku, who noted that NEITI is mandated by law to promote transparency and accountability in the management of Nigeria’s oil, gas and mining revenues, explained that the appointment of consultants to audit would establish processes and procedures, physical volumes and financial flows from the sectors, improve revenue remittances into the Federal Government account and enthrone competition and corporate governance.
He stated further that the consultants were to carry out Nigeria’s hydrocarbon and solid mineral values and also access the volumetric aspect of production, export, imports, unaccounted oil and gas and solid minerals and other relevant streams.
Maku maintained that the audit report would also provide relevant information and data for the government’s anti-corruption agenda which was central to Nigeria’s compliance to the global EITI to which the country was a signatory.