The Nigeria Extractive Industries Transparency Initiative (NEITI) has sought the input of the stakeholders in the extractive industry for its findings on the state of the extractive industry.
Speaking during a multi-stakeholder’ Roundtable meeting to approve the 2021 industry reports in Abuja, the Executive Secretary of NEITI, Orji Ogbonnaya Orji, said the study would help provide information on the cash flow in the mining as well as oil and sectors to determine the accurate taxes due to the federal government.
He also disclosed plans to conduct studies on the daily consumption of Petroleum Motor Spirit in the country.
Orji said lack of the fuel consumption data has provided gaps exploited by smugglers to defraud the country.
- ‘Morocco has not applied to join BRICS’
- NPAN congratulates Edun, Idris as Tinubu swears in ministers today
“We are currently commissioning two important studies; we are interested in establishing some empirical data from the quality of PMS that is consumed in the country as there is no such data existing. We all know how subsidy payments have been dangled over the years when we are not sure how much the quantity of fuel that goes out from the ones we consume.”
He said that another study would be conducted on how oil producing states utilized the 13 percent derivatives.
He added that NEITI has over the years conducted 13 cycles of reconciliatory reports in the oil, gas and mining sector, which has provided insights into revenue companies in the extractive paid into the government coffers.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
