House Speaker Commits To Strengthening NEITI’s Authority Through Legislative Changes

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Dr. Tajudeen Abbas, the Speaker of the House of Representatives, has pledged to empower the Nigeria Extractive Industries Transparency Initiative (NEITI) by revising its legislative framework; reinforcing NEITI’s role in promoting transparency and accountability within the extractive industry.

During an event in Abuja where the NEITI 2021 Solid Minerals Industry Report was unveiled under the theme “Impact Built On Blocking Leakages To Grow Revenue,” Dr. Abbas, represented by Dr. Awaji-Inombeth Abiante, Chairman of the House Committee on Urban Development and National Planning, assured NEITI of the House of Representatives Committee on Petroleum Resources’(Downstream) support in all efforts aimed at advancing the sector.

Dr. Abbas also underlined the House’ commitment to implementing NEITI’s reports, including thorough debates on the recommendations; in accordance with the NEITI Act. He traced Nigeria’s journey towards transparency and accountability in managing its vast natural resources back to 2003 when the country voluntarily joined the global Extractive Industries Transparency Initiative (EITI); leading to the establishment of NEITI in 2004 as part of broader government economic and institutional reforms.

NEITI’s annual reports, aligning with global best practices, and the NEITI Act of 2007, play a vital role in disseminating crucial information about the extractive industry. Dr. Abbas commended NEITI’s leadership for its consistent reporting practices and its advocacy for reforms in the extractive industry, particularly regarding the Petroleum Industry Act (PIA).

He emphasized the importance of fully implementing the PIA to stimulate growth in both the Downstream and Upstream sectors, attracting foreign investments, boosting local production, and increasing revenue.

Furthermore, Sen. Osita Ngwu, Chairman of the Senate Committee on Solid Minerals, highlighted the significance of the NEITI report in their oversight functions; pledging the National Assembly’s commitment to enacting legislation that adheres to global standards.

Mr. Gaza Gbefi, House Committee Chairman on Solid Minerals, encouraged NEITI to consider releasing a report quantifying the actual volume of solid minerals extracted and exported.

Over the years, NEITI has published 12 independent reports on solid minerals, covering the years 2007 to 2021; disclosing a total revenue of N845.14 Billion remitted to the Federal Government. The 2021 report revealed a total revenue generation of N193.59 Billion from the solid minerals sector for the Federal Government.

 

 

 

 

 

 

 

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