NAN-H-92
NEITI
By Kingsley Okoye
Abuja, Oct. 10, 2016 (NAN) The Senate Committee on Petroleum Resources (Upstream) has pledged that the Senate will continue to support the Nigerian Extractive Industry Transparency Initiative (NEITI ) through improved budgetary provision.
This is contained in a statement signed by NEITI’s Director of Communications, Dr Orji Ogbonnaya Orji and issued to newsmen on Monday in Abuja.
Orji said the Chairman of the Committee, Sen. Omotayo Alasoadura made the pledge during an oversight visit to NEITI’s secretariat.
Alasoadura stated that being a special agency of government, NEITI deserved special attention by way of adequate funding to ensure effective execution of its mandate of ensuring transparency in the extractive industry.
He said that the issues raised in NEITI’s audit reports were receiving the attention of the Senate.
Alasoadura however expressed dismay over poor funding of the agency.
He said that the Senate might need to review the law establishing NEITI to enable it retain a percentage of revenues recovered from the extractive companies to address funding challenges faced by NEITI.
The senator expressed satisfaction with the contributions of NEITI in the on-going reforms of the nation’s extractive industries.
The Executive Secretary of NEITI, Mr Waziri Adio informed the committee that NEITI was currently confronted with financial challenges.
He said that the financial challenges were capable of hampering the agency’s core mandate.
He appealed to the committee members to do everything within their powers to rescue the agency.
Adio emphasised the need for a new law for the petroleum sector, noting that the Petroleum Industry Bill (PIB) is one priority area the Senate needed to pay attention.
He called for a piece-meal approach to the passage of the PIB, adding that NEITI had legitimate interest in the bill.
He urged the Senate to work with all the relevant stakeholders to ensure that a new petroleum law was enacted and used as one of the strategies for economic recovery. (NAN)
KC/ACO/AEA
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Edited by Oluleye Abiodun/Archibong Asuquo