President Buhari To Hold Crucial Meeting For Industries

President Buhari To Hold Crucial Meeting For Industries

The Chair of the global Extractive Industries Transparency Initiative (EITI) Clare Short arrived Nigeria on Monday June 15th and is expected to hold consultation with President Buhari on the execution of the independent reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) .

The Extractive Industries Transparency Initiative (EITI) is a world body committed to enthroning transparency, accountability and prudent management of revenues from oil, gas and mining to support even development and reduce poverty in resource rich countries like Nigeria.

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Clare Short’s meeting with the President will serve as a ‘global endorsement of President Mohammadu Buhari’s commitment to good governance, transparency and accountability which are consistent with EITI principles.

In a press release signed and made available to Naij by EITI's Nigerian office NEITI Director of Communications Orji Ogbonnaya, the meeting is also expected to provide the international chair the platform to brief the President on the importance of incorporating the EITI principles in his economic policy agenda.

The report notes that President Buhari had listed the implementation of the findings and recommendations of NEITI Audit Reports as a priority within his administration’s one hundred days in office.

The release also goes on to note that ‘NEITI reports have publicly disclosed several cases of mismanagement, underpayment of taxes, royalties, under assessment and other lapses resulting in billions of dollars revenue loss to the Federation.

But implementation of the findings and recommendations over the years has suffered from application of strong political will.’

‘The international Chair while in Nigeria is expected to visit the NEITI Secretariat, observe a Meeting of the Inter Ministerial Task Team (IMTT) set up by the Federal Government to implement the findings and recommendations contained in the NEITI Audit Reports.’

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It should be noted that Nigeria joined the EITI in 2003, began implementation of its principles and established NEITI in 2004. Nigeria also became the first to support implementation with a law, the NEITI Act of 2007 amongst the 50 member countries of EITI.

Source: Legit.ng

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