31 December 2012

Nigeria: Neiti to Sign Agreement With Auditors Early January

The Nigerian Extractive Industries Transparency Initiative (NEITI) said it will sign agreements with successful auditing firms in the first week of January towards auditing the books of oil and gas and solid minerals industries from 2007 to 2011.

A member of the NEITI Stakeholders Working Group, Mrs. Faith Ossai Nwadishi, confirmed weekend that the essence of the audit is to find out how the oil revenues are applied.

It would look at entities such as NDDC, PTDF, CBN, including the 13 per cent derivation revenue allocated to some oil producing states, she said.

In addition, the planned audit will determine how other monetary and fiscal transactions in the sectors have been conducted or utilised during the period covered by the contract, from 2007 to 2011.

Mrs. Nwadishi said that signing with the audit firms will ensure that the nine-month timeline set by the federal government for the completion of the audit is met.

She said: "NEITI is ready to facilitate the immediate commencement of the Fiscal Allocations and Statutory Disbursement Audit of the extractive industry from 2007 to 2011 in line with the decision of the Federal Executive Council (FEC) at its November 28, meeting."

She said the planned audit is part of the statutory mandate of NEITI in the extractive industry.

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