The Extractive Industries Transparency Initiative (EITI), an international agency, has advised President Muhammadu Buhari to use the audit reports of the Nigerian Extractive Industry Transparency Initiative (NEITI) in reforming the oil, gas and mining sectors.
The Chair of EITI, Clare Short, gave the advice in Abuja at a meeting with various agencies of government and stakeholders in the extractive industry.
She said it was important for the government to give attention to the reports, in view of the in-depth analysis of the activities of operators in the extractive industry.
“In the past the implementation of recommendations has been weak. And now with your new government and with the feelings of the people, they are angry that these resources are not better managed for their benefits.
“This is a rear opportunity to take the analysis that NEITI is done and drive the reforms that would really lead to the better management of the sector, fairer distribution of the resources, more benefits for the people.”
Short expressed EITI’s happiness with the effort NEITI had put into analysing the problems in the sector and proffering solutions to them.
The EITI chair said that NEITI’s report had given a detailed analysis of the activities of the extractive industry operators especially how revenues accrued to the Federal Government.
“Where monies are missing, they give explanations on how the system can be improved and the sector better managed,” she stated.
She expressed the hope that the new government would implement the NEITI reports as doing so would ensure transparency and accountability as well as improve performance in the oil mining and gas industry.
The EITI is a world body committed to ensuring transparency, accountability and prudent management of revenues from oil and gas extraction to support development in resource-rich countries like Nigeria.
The EITI chair is in Nigeria on a 3-day working visit and is expected to meet with Buhari to discuss the prospect of implementing the NEITI audit reports.
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