The chair of the global Extractive Industries Transparency Initiative (EITI), Clare Short, will arrive Nigeria today on a 3-day working visit during which she would meet President Muhammadu Buhari, to discuss issues concerning the oil and gas sector.
The EITI which Nigeria signed up to in 2003, is a world body committed to enthroning transparency, accountability and prudent management of revenues from oil, gas and mining to support development and reduce poverty in resource rich countries like Nigeria.
In this regard, Short will hold consultations with the president regarding the implementation of the independent reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) as well as the proposed reforms in the oil, gas and mining sectors.
The implementation of the findings and recommendations over the years, has suffered from the lack of application of strong political will.
The meeting is also expected to provide the EITI chair, the platform to brief the president on the importance of integrating the EITI principles in his economic policy agenda as is obtained in resource- rich countries of the developed world. Short’s visit to Nigeria is seen in the extractive sector as a global endorsement of President Mohammadu Buhari’s commitment to good governance, transparency and accountability which are consistent with EITI principles.
Buhari had listed the implementation of the findings and recommendations of NEITI audit reports, which has publicly disclosed several cases of mismanagement, underpayment of taxes, royalties, under assessment and other lapses resulting in billions of dollars revenue loss to the federation, as a priority for his administration.
Oil Revenue: EITI Chair To Meet Buhari On NEITI Reports
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