The federal government has urged the newly inaugurated board members of the Nigeria Extractive Industries Transparency Initiative. NEITI not be to partisan in carrying out their duties.
Federal Government made the admonition through the secretary to the government of the federation Boss Mustapha who gave this challenge while inaugurating the Board, urging them to comply with the Principles of the international Extractive Industries Transparency Initiative.
The Nigeria Extractive industries transparency initiative is charged with developing a framework for transparency and accountability in the reporting and disclosure by all extractive industry companies of revenue.
After nearly 50 years of exploration, the oil and gas sector continues to play a significant role in the economy and accounts for 65percent of total revenue to the government.
OPEC estimates that Nigeria has almost 40billion barrels of proven oil reserves.
Nigeria has faced many challenges managing the sector such as the unaccounted use of revenues and corruption.
The Secretary to the Government of the Federation urged the new board to ensure transparency and accountability in the management of the Nation’s resources.
The Board members pledged their commitment, to the mandate guiding them and promised to ensure an increase in revenue generated into the coffers of the Country.