The Nigerian National Petroleum Corporation, NNPC, has said it is ready to cooperate and collaborate with the Nigeria Extractive Industries Transparency Initiative, NEITI, in order to instill greater transparency and accountability in the extractive industry in Nigeria.
The Group Managing Director of the NNPC, Engr. Andrew Yakubu stated this during the public presentation of fiscal allocation and statutory disbursements and solid minerals audit reports in Abuja.
Engr. Yakubu noted that the Corporation over the years has demonstrated its resolve to conduct its business in transparent manner and be more accountable to Nigerians.
He applauded NEITI for providing the Corporation a veritable platform for showcasing its activities and assured of the NNPC’s continuous participation in NEITI activities.
The NNPC helmsman also commended the effort of the board of NEITI for taking giant stride to engage a team of reputable professional auditors to carry out the exercise which is aimed at tracing the disbursement of oil and gas revenue to all beneficiaries.
In her welcome address, the Executive Secretary of NEITI, Mrs. Zainab Ahmed said the conduct and public presentation of the audit reports was in line with the principles of the global Extractive Industries Transparency Initiative, EITI.
Presenting the report, the NEITI Chairman, Mr. Ledum Mitee said contrary to the claim by the Federal Account Allocation Committee, FAAC, that the NNPC under remitted the sum of N31.15 billion in December 2011, the report showed that the NNPC remitted the said sum in February 2012. This explained NEITI was due to the January 2012 general strike on oil and gas subsidy.
High point of the event was the presentation of the two audit reports titled solid minerals audit report and the fiscal allocation and statutory disbursement audit 2007 to 2011.
