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NEITI revamps strategies to fight oil woes

23 December 2013, 19:21

Abuja - Nigeria Extractive Industries Transparency Initiative (NEITI) said it would rework strategies aimed at curbing oil theft.

This was revealed in a press statement the agency released from Abuja.

“The Chairman of NEITI, Ledum Mittee unveiled NEITI’s next target at a Meeting on NEITI and its activities with the Political and Economic Counsellors of the European Union member countries.

"He explained that absence of reliable baseline information and data on the actual quantity of crude either lost through theft, bunkering or pipeline vandalisation is responsible for the poor response and speculations over facts and figures required to deal with these complex problem,” the statement read.

It added that understanding of the quantity of crude oil either lost through vandalisation will help draw national and international attention to the urgent need for solutions. “Full disclosure and public understanding of the quantity of crude oil either lost through vandalisation, bunkering or outright stealing and the enormous cost to the economy in financial terms will help draw national and international attention to the urgent need for solutions.”

The NEITI chairman added that his organisation hoped to include as part of its independent audit template to capture the quantity of crude stolen, quantity lost through bunkering and others through vandalisation and conspiracy.

By such an exercise, it would be easier to quantify the loss and provide information publicly to raise the public consciousness.

Mittee disclosed that NEITI’s target was to transit its activities from mere focusing on transparency through accountability to ensuring measurable impact arising from its operations with a view to ensuring that oil and gas revenues translate to good roads, electricity, water, employment opportunities and poverty reduction.

– CAJ News



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