EITI tasks Buhari on oil production, revenue transparency

EITI tasks Buhari on oil production, revenue transparency

The International Chair of the global Extractive Industries Transparency Initiative (EITI), Clare Short, reportedly has urged President Muhammadu Buhari to integrate the principles of the group into his administration’s economic policy framework.

The EITI principles emphasize public disclosures of information and data by owners of oil and mining licenses through regular audits of their operations on oil production figures, revenue sharing arrangement between tiers of governments as well as the open process of contract awards in the oil, gas and mining industry.

The revised EITI standards equally encourages contract transparency in companies and government, with particular focus on expenditures incurred by the oil and gas companies on the provision of social services, public infrastructure and fuel subsidy payments.

The EITI Chair told the Vice president, Yemi Osinbajo, during a meeting in Abuja that there was need for the government to urgently consider a major shakeup in the oil and gas industry if the benefits from Nigeria’s abundant hydrocarbon resources were to be felt by all Nigerians.

Oil and Gas Press