Abuja - President Goodluck Jonathan expressed his satisfaction with the progress with a transparency Initiative Aiemed at curbing oil theft.
Earlier this week, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported it had uncovered unremitted taxes amounting to $9.8 billion (N1.538 trillion) by oil companies into the federation account.
According to a statement signed by NEITI spokesperson, Reuben Abati, Jonathan was delighted at the detection of some potential revenue-losing sectors of the economy and welcomed its recommendations to tackle the problem of oil theft.
“NEITI is not just a watchdog organisation but one playing a critical role in the economy with additional responsibilities,” Jonathan is quoted as saying in the statement.
He was confident other countries will emulate Nigeria’s initiative to curb illegal oil trade.
An Inter-Ministerial Task Team which would soon be established to ensure the “proper integration of NEITI into the economic agenda of government,” the President said.
NEITI was established in line with the Extractive Industries Transparency Initiative (EITI) process, a global initiative that seeks to promote transparency in company payments and government revenues from oil, gas and mining.
– CAJ News