The Nigeria Extractive Industries Transparency Initiative (NEITI) plans to digitalise and automate its audit data collection process from December 2021.
Also, the ongoing Fiscal Allocations and Statutory Disbursement Report that tracks revenues receipts and utilization in resource-rich states and statutory recipients for the period 2016 -2019 will be released next month.
The NEITI Audit Management System (NAMS) will ensure real-time delivery of information and data by the covered entities involved in the NEITI audit exercise.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, disclosed this at the launch of the global Opening Extractives programme in Abuja.
Opening Extractives is a programme that will support Nigeria to implement reforms geared towards the disclosure of the ownership of extractive companies.
The NEITI boss explained that “The NAMS project will transit NEITI information/data gathering process from analogue to an automated/digital process, improving efficiency in time and resources while reducing human interference and error in the audit process.”
He also disclosed that the NEITI 2020 reports for the oil, gas and solid minerals have reached the final stages of completion, and will be ready for release by the NEITI Board before the end of the year.
In addition, the ongoing Fiscal Allocations and Statutory Disbursement Report that tracks revenues receipts and utilization in resource-rich states and statutory recipients for the period 2016 -2019 will be released next month.
Orji further explained that “establishing a publicly accessible register of beneficial owners cannot be the end to the campaign against ownership secrecy. Making the registers count through constant interrogation, update and utilization of data and information contained in these registers to demand accountability are critical to the success of this campaign. Also important is the need to constantly build the capacity of state and non-state actors that are involved in this work to enable us to achieve the desired outcomes,” he emphasized.
The Chief Executive Officer of the newly created Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, while delivering his Commission’s statement of commitment to the programme commended the global Extractive Industries Transparency Initiative (EITI) and NEITI for ensuring transparency in the extractive sector.
Komolafe explained that NUPRC has created the beneficial ownership register for the oil and gas sector and will ensure compliance by all stakeholders.
He promised to collaborate with NEITI in its activities to drive reforms in the extractive sector.
The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, who delivered the keynote address and launched the Opening Extractives programme conveyed the Federal Government’s unequivocal commitment and support towards the implementation of the global Opening Extractives programme in Nigeria.
Ahmed, whose speech was delivered by the Minister of State, Budget and National Planning, Prince Clem Agba, explained that “Nigeria’s participation and strong support to the global launch of the Opening extractives has shown its determination and resolve to imbibe and implement the principles of Opening Extractives in the country.
Currently, over a hundred and 10 countries have made commitments to implement beneficial ownership transparency and over 30 countries have so far published beneficial ownership data.
– Media Report