By Obas Esiedesa, Abuja

The Executive Secretary, Nigeria Extractive Industries Transparency Initiative, NEITI, Dr Orji Ogbonnaya Orji has declared that the need to mobilise domestic resources for the government was the reason behind the audit of the oil, gas and mining industries.

Dr Orji who disclosed this in Port Harcourt during the opening of a nationwide sensitization workshop on the conduct of the 2022-2023 industry reports of the extractive sector for companies in the South-South and South-East Zones explained that the focus of its ongoing nationwide audit of the oil, gas and mining companies is targeted at showering domestic resources mobilization.

A statement by Deputy Director/Head Communications & Stakeholders Management, Mrs. Obiageli Onuorah in Abuja, yesterday, said Dr Orji explained that domestic resource mobilization has become key to NEITI interventions in the industry as part of its mandates of enthroning transparency and accountability driven by public disclosure and blocking leakages.

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NEITI said the sensitization workshop was organised to acquaint the agencies and companies covered by the report in the affected in the South-South and South-East zones with the templates designed for the exercise, sensitize stakeholders on the scope of the report and the data and information expected for the process.

The Executive Secretary of NEITI explained that the nationwide workshops were in line with the principles and standards of the global Extractive Industries Transparency Initiative (EITI).

“The objectives of these industry reports are to establish and make public revenue flows through investment among the major players in the oil, gas and mining sectors, examine the financial, physical and process issues from, within and among the companies and relevant government agencies.

“The report will specifically undertake special verification and validation of information and data on the payments made by the companies to government entities as well as government receipts. Other areas will include quantities and volume of crude produced, balances payable or receivable on certain financial transactions, taxes, royalties on project-by-project basis, social contributions and investment flows in Nigeria’s oil and gas industry”, he emphasised.

He pointed out that the 2022-2023 solid minerals report would disclose data and information on quantities of solid minerals mined, quarried, processed, exported and imported, track the extractive industries sector fund collected by various Government Agencies to the Federation Account and reconcile the payments made by major players (companies/entities) to government in the sector during the period under review. These payments and receipts are in the form of Royalty, Ground Rents/Annual Surface Rents, Taxation, Levies etc.