The Nigeria Extractive Industries Transparency Initiative (NEITI) has alleged that the Nigerian National Petroleum Corporation (NNPC) has not been able to account for $22.7 billion in revenue.
Reports quoted the Executive Secretary of NEITI, Mr. Waziri Adio, as saying that other operators had co-operated with the agency.
“The sector is no longer the black hole that it once was, but we can still use more transparency,” Bloomberg quoted Adio as saying.
“Things are opening up. There could be more in the area of contracts, ownership and expenditure transparency, but definitely there is some progress.”
The NEITI’s reports for 2016 and 2017 are scheduled to be presented to the public in July and November this year.