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| Last Updated: Jan 25th, 2012 - 18:02:04 |
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FG approves the audit of oil, gas and mining revenues
Jan 19, 2012, 11:18
| | Further to the resolve of the Federal Government to promote transparency and accountability in the management of Nigeria’s oil, gas and mining revenues, the Federal Executive Council (FEC) has approved the sum of N364 million for the Nigeria Extractive Industries Transparency Initiative, (NEITI) to audit the revenue of that sector.
Minister of Information, Mr. Labaran Maku made the disclosure at a media briefing on the outcome of the week’s FEC meeting presided over by President Goodluck Ebele Jonathan at the State House, Abuja on Wednesday, January 18.
He stated that the audit of the oil and gas revenues awarded to Messrs Sada Idris & Co at the cost of N226, 613, 000 would cover the period of 2009 to 2011, while the solid mineral revenue audit awarded to Messrs Haruna Yahaya & Co. at the cost of N137, 000, 000 would cover 2009 to 2010, adding that both firms are expected to complete their assignment in nine months.
Maku, who noted that NEITI is mandated by law to promote transparency and accountability in the management of Nigeria’s oil, gas and mining revenues, explained that the appointment of consultants to audit will establish processes and procedures, physical volumes and financial flows from the sectors, improve revenue remittances into the Federal Government account and enthrone competition and corporate governance.
He stated further that the consultants are to carry out Nigeria’s hydrocarbon and solid mineral values and also access the volumetric aspect of production, export, imports, unaccounted oil and gas and solid minerals and other relevant stream.
The consultants he added, are also expected to provide the on and off the job training of the secretariat staff that would be involved in the assignment with a view to building capacity and enhancing efficiency for future audits.
“Activities and entities involved in the petrochemical industry or processing of crude oil and gas are not within the scope of work but such activities are required to confirm their relevant stocks, receipts and inputs to the sectors,” he explained.
He maintained that the audit report would also provide relevant information and data for the government’s anti-corruption agenda which is central to Nigeria’s compliance to the global EITI to which the country is a signatory.
Speaking on the recent labour led strike the Minister for Information stated that the Council commended Nigerian youths, security agencies and all Nigerians for the peaceful manner they conducted themselves particularly, the spirit of cooperation and unity exhibited by the Christians and Muslims during the period noting that it is a reassurance of the nation’s unity.
He expressed Council’s appreciation and thanks to the leadership of the National Assembly for their mediatory role in the resolution of the strike.
Maku also reported that the Council commended the mature and humane manner President Jonathan handled the issue of deregulation of the downstream sector and the way he listened to and responded positively to the agitation of Nigerians for a reduction in the pump price of PMS.
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