While $3.7 billion has been recovered to Government coffers, NEITI said its partnership with EFCC is ongoing to recover more funds owed by oil firms The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that it has recovered over $3.7 billion into government coffers in 2020 and 2021 as outstanding liabilities from companies operating in the oil and gas sector in the country. NEITI also said its collaboration with the Economic and Financial Crimes Commission (EFCC)...
Energy transition is increasingly at the forefront of national discussions in Nigeria, with many perspectives contributing to the dialogue The Nigeria Extractive Industries Transparency Initiative (NEITI) has officially launched a research initiative focused on the impacts of energy transition on Nigeria’s economy. This launch took place during a workshop in Abuja, where key stakeholders, experts, and policymakers gathered to discuss the study’s focus, approach, and methodology. This collaborative effort aims to refine the research framework...
This inaugural edition of RemTracker discusses a mining reform bill and proposal for a dedicated university on the extractive resource Amendment of the Nigerian Minerals and Mining Act The Nigerian Minerals and Mining Act of 2007 has served as the legal framework for the exploration and exploitation of mineral resources in Nigeria for over a decade. However, the evolving dynamics of the global mining industry and Nigeria’s quest for sustainable development have revealed significant gaps...
The Nigeria Extractive Industries Transparency Initiative (NEITI) has praised Publish What You Pay (PWYP) Nigeria for its newly elected leadership. The Nigeria Extractive Industries Transparency Initiative (NEITI) has congratulated Publish What You Pay (PWYP) Nigeria on the emergence of its new leadership. This commendation was conveyed in a statement by Chris Ochonu, assistant director of communications & stakeholders’ management. The statement highlighted the optimism following PWYP’s recent Annual General Meeting (AGM) and the transparent electoral...
GTbank has been tasked by PAC to remit 8 years VAT on commission received through Remita transactions to federal government The House of Representatives Public Accounts Committee (PAC) has directed Guaranty Trust Bank (GTBank) to calculate and remit the Value Added Tax (VAT) on commissions received through Remita transactions between 2015 and 2022 to the federal government’s recovery accounts. Remita is a payment gateway technology used by the federal government to collect revenues for...
Following Atiku Abubakar’s call out on NNPCL, the state-owned oil corporation has responded with some explanations on the OVH acquisition. The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement addressing the allegations made against it former vice president, Atiku Abubakar, on the OVH acquisition. Earlier in the week, Atiku had issued a press release signed by his media adviser Paul Ibe. In the statement he had lamented the alleged criminal hijacking of the...
Nigeria’s growing debt burden has been a subject of concern and a ticking time bomb for generations unborn. The situation calls for urgent redress  The national debt refers to the total amount of money that the government of Nigeria owes its domestic and external creditors. It can be further divided into two: public debts and government accounts debt. Public debt is the total amount of money owed by the government at all levels to various...
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