NEITI advocates PIA implementation to improve oil earnings

THE Nigeria Extractive Industries Transparency Initiative ( NEITI) yesterday, in Abuja, said successful implementation of the Petroleum Industry Act ( PIA) remains sacrosanct in boosting the country’s oil earnings.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji stated that $ 741.48 billion was recorded as revenue earnings to government coffers from the sector from 1999 to 2020, adding that the development would improve on the backdrop of successful implementation of PIA.

Speaking at a stakeholders’ engagement on the implementation of PIA, Orji said emerging issues in the global Extractive Industries Transparency Initiative ( EITI), and NEITI’S obligation under the PIA were forcing the agency to review its enabling law to accommodate the developments.

According to him, as an agency with the mandate to promote transparency and accountability in the extractive sectors, with a multistakeholders’ platform for dialogue on natural resources governance, NEITI has a huge responsibility to facilitate and strengthen the participation of diverse stakeholders for a successful implementation of the PIA.

Orji added that PIA provides wider roles for NEITI in the oil and gas sector, adding that the legislation further created the need for transparency and accountability in

Nigeria’s petroleu m sector.

“The implementation of the

Act and full operationalisation of its provisions are of great interest to NEITI and its stakeholders,” he added.

He said the agency would leverage on its experience and exposure in the oil and gas sector over the years to ensure that the implementation of the PIA delivers its overall objective and desired results.

He added that NEITI had conducted and published 25 cycles of audit reports in the oil and gas sector , covering 1999- 2020 period, where a total of $ 741.48 was recorded as revenue earnings to gov - ernment coffers from the sector.

Disclosing that the 2021 oil and gas sector audit is currently ongoing and will soon be released, Orji said NEITI reports had led to the rec overy of several billions of dollars by the government from companies operating in the sector.

Chairman of the NEITI National Stakeholders’ Working Group ( NSWG), Olusegun Adeyemi Adekunle noted that NEITI, as a member of the Presidential Steering Committee on PIA implementation, has an obligation to respond adequately and support its successful implem entation and ensure deliver y of its objectives.