Nigeria Extractive Industries Transparency Initiative (NEITI) and the ministry of mines and steel are planning to collaborate. The Executive Secretary of the NEITI Dr. Ogbonnaya Orji visited the ministry of mines and steel development to intensify both organizations’ cooperation on speedy distribution of information.
According to the Executive Secretary, the collaboration will better the amount of revenue contributions that come from the mining field to the federation account. He further reaffirmed that reconciling what firms pay out to government as royalties, taxes, rents and all other statutory payments is still the major task of NEITI.
He further clarified the role of such a partnership in ensuring that contributions from the substantial minerals sector are accounted for and associated with the ministry.
Orji also talked about the most recent NEITI solid minerals report which presented phenomenal revenue growth from the sector. He ascertained that more could be accomplished if NEITI and the ministry collaborated and shared information and data.
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“I appeal to the minister to take special interests in the work that NEITI does because it will support the on-going reforms in the ministry. When you have reliable data, it can be used to institute effective planning and governance of the sector and diversify the revenue sources of the nation. NEITI’s mandate is all about reconciling what companies pay to government and what government receive in taxes, royalties, rents and all statutory titles and payments,” he stated.
The executive secretary further said that despite the association between the two parties being cordial, it was necessary for the mining inspectorate section to be more receptive and share timely information on royalty payments.
“This is to enable us report more accurately revenues accruing from the ministry and plug leakages where they exist,” Orji said.
In his reply, the Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, stated that while the quest for transparency and accountability is not a walk in the park, it has however made the sector stronger.
