The House of representatives on Thursday said it would pass legislation that would review the NEITI Act to empower the agency to fully achieve its core objectives.
The Chairman of the House Committee on Petroleum Downstream, Ikeagwuonu Ugochinyere, who received a delegation from the Extractive Industry Transparency Initiative to the National Assembly, said 70 members have agreed to co-sponsor a bill to that effect.
He said “the Nigeria Extractive Industries Transparency Initiative (NEITI), has recorded giant strides in ensuring transparency and accountability in the management of Nigeria’s oil, gas, and mining revenues.I also commend NEITI for your giant strides and courage in pursuing your mandate and mission in our extractive sector. The openness, transparency, and partnership we enjoy with NEITI have never been seen in the National Assembly.
“In truth to our partnership and for the first time in the history of the House of Representatives, we successfully laid the NEITI 2021 Oil and Gas Industry Report on the floor of the House of Representatives on Wednesday the 25th of October, 2023, via a Motion which I sponsored, in compliance with the provisions of the Section 4 (3) of the NEITI Act.
“The House, through its Petroleum Resources Committees, has commenced its consideration, investigating, and working on all the recommendations from the Report. The outcomes of this review will be made public and implemented accordingly”.
“We are also working with sister Petroleum/Oil and Gas Committees with a view to ascertaining those who operate extractive industries in Nigeria, so as to deepen transparency and public oversight of the industries through the House.
“We also seek to pursue the recovery of public funds that were either mismanaged, wasted or yet to be remitted from the extractive industries. It is also our desire to ensure that there is accountability on the part of state-owned extractive industries, so as to ensure that greater value and revenue is derived from the sector for the good of the nation and to foster a sustainable energy transition”.
Deputy Director of the Extractive Industry Transparency Initiative, Mr Bady Badde, while speaking on behalf of the delegation, applauded Nigeria’s achievements in the extractive industry.
He said “For this mission, we were attached by an international board which is lead by its chair. Helen Clark, who mandated us to travel to Nigeria to covey the outcome of the last validation which is the quality assurance, as applies to all member countries to verify the extent to which they are agreeing to the commitment of EITI principles and requirements in teems of transparency. And also stakeholders participation in dialogue to help foster and improve the governance of the sector.”
Also, the Executive Secretary of the Nigeria Extractive Industry Transparency Initiative, Mr. Orji Ogbonnaya Orji, said that the agency has conducted a lot of investigations with findings and recommendations. Nevertheless, Orji noted that “reports are just documents except they are implemented”