Nigeria: NEITI Begins Audit of ECA, 13 Percent Derivation

31 January 2013

The Nigeria Extractive Industries Transparency Initiative (NEITI) has promised that it would going ahead with its planned audit of the fiscal allocation and statutory disbursement of funds from the country's Excess Crude Oil Account (ECA), ecological funds and 13 per cent derivation allocation which are shared between the country's three tiers of government.

NEITI also disclosed yesterday in Abuja that this intended audit of revenue allocation, disbursement and application from these revenue sources will also cover key government agencies such as the Niger Delta Development Commission (NDDC), Petroleum Technology Development Fund (PTDF) and the Central Bank of Nigeria (CBN) with respect to the latter's management of funds for the development of natural resources.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.