NEITI Commences Audit Of Allocations To Oil-Producing States
The Nigeria Extractive Industries Transparency Initiative (NEITI) has commenced the audit of physical allocations and statutory disbursement of the extractive industry from 2007 to 2011 with an initial focus on the nine oil-producing states.
NEITI is engaging an indigenous audit firm, S.A.I.O. Partners to audit the allocations to the nine states benefitting from the 13 per cent oil derivation.
The audit is expected to be completed within the next nine months
The states benefitting from the 13 per cent oil derivation are the oil-producing states of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and River.
The exercise will also be extended to key entities like the Central Bank of Nigeria, the Niger Delta Development Commission (NDDC) and the Petroleum Technology Development Fund (PTDF).
The audit will also cover the federal government’s share of derivation and ecology as well as the management of the excess crude account.
Speaking at a ceremony to sign the Memorandum of Understanding with the auditing firm, the executive secretary of NEITI, Ms Zainab Ahmed said the exercise is not a witch-hunt but one that will create data for national planning and development.
The audit, which is in accordance with provisions of Section 2 of the NEITI Act 2007.
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