The Nigerian Extractive Industries Transparency Initiative (NEITI) has received data submissions from 198 extractive companies and government agencies for its ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining industries.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya, stated that the participation level is higher than the previous 2021 audit, with 63 companies from the oil and gas sector and 135 from the solid minerals sector meeting the materiality thresholds.
The NEITI audit covers 14 government agencies involved in the oil and gas sector and eight in the solid minerals sector.
These agencies are required to disclose all payments received and expenditures incurred during the review period.
The data reconciliation and validation for the oil and gas sector have been completed, while the solid minerals sector’s validation is underway in Lagos and will continue in Abuja.
Dr. Ogbonnaya praised the extractive companies’ commitment to the audit, noting the high level of participation and voluntary data disclosure.
The audit process is in its final stages, with the results set for wider stakeholder review.