NEITI Uncovers $20 Billion Recoverable Revenues

The Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered $20 billion recoverable revenues, its Executive Secretary, Waziri Adio, said.

He spoke in Kiev, Ukraine at the ongoing 42nd meeting of the Extractive Industry Initiative (EITI) Board.

Meanwhile, the International Board of EITI has ranked Nigeria for its ‘Satisfactory Progress’ in the implementation of its principles in the country’s extractive sector. This ranking is second highest in EITI implementation.

The global body also applauded the country for using EITI process to shape reforms and improve transparency in the extractive sector. Adio said: “Through NEITI’s reports and interventions, Nigerians now know more about the operations of the sector, which despite low commodity prices, still remains the backbone of their economy.

“Citizens, civic groups and the media are now better armed with information to ask probing questions and make informed contributions to governance “Over time, various governments have used information from NEITI’s reports to recover almost $3billion that would have ended up unpaid.”.