NEITI 2005 Audit Report on Nigerian oil sector out soon - Prof. Asobie

Ayodele Adesanmi, Abuja - 06.04.2008

THE Chairman of the Nigerian Extractive Industry Transparency Initiative (NEITI), Prof Asisi Asobie in Abuja told visiting United States (US) Congress officials, that the 2005 Audit report of Nigerian oil and gas sector would be made public soon.

The NEITI 1999-2005 Audit report of the Nigerian oil and gas sector, which was made public in 2006, shocking revelation about why Nigeria did not know the real amount of oil its produces; tax evasion by oil companies and woeful records keeping of money received and disbursed by the Central Bank of Nigeria for the period.

Prof Asobie assured his visitors that the 2005 Audit report was on the verge of completion and would soon be made public

Asobie praised the US congress for its assistance in ensuring that the NEITI bill was passed into an Act of parliament in the last days of the immediate past government of Nigeria.

The NEITI boss, who told the US Congress officials that the NEITI would from now on beam its searchlight on the Nigerian Solid Mineral sector, with the view of bringing orderliness to the sector, believed that it is now characterised by illegal, small scale miners who apart from being environmental nuisance, do not add anything to government coffers.

According to him, after the first NEITI report, some key government agencies tasked with the responsibility of collecting, keeping and disbursing revenue from oil, have been strengthened to perform their roles better.