NEITI, NSIA and NOA partner on oil revenue savings

Nigeria Extractive Industries Transparency Initiative (NEITI), the Nigeria Sovereign Investment Authority (NSIA) and the National Orientation Agency (NOA) have agreed to work together in the areas of oil revenue savings. The agencies reached this agreement at separate meetings with NEITI Executive Secretary, Waziri Adio.

The meetings, according to a NEITI statement, focused on exploring areas of inter-agency mutual cooperation.

Mr Adio explained that while NSIA manages the Sovereign Wealth Fund derived from extractive revenues, the NOA leads national campaign for attitudinal change and ethical values in the country. At the meeting with the NSIA management Adio regretted that Nigeria does not have enough oil savings to finance even the fifth of a year’s budget at the federal level, not to talk of having enough for future generation. A recent Occasional Paper released by NEITI drew public attention to the fact that Nigeria failed to save enough oil revenues to sustain economic activities when oil prices were quite high.