NEITI, NSIA and NOA part­ner on oil rev­enue sav­ings

Daily Trust - - BUSINESS - By Daniel Adugbo

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.

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