Tinubu sets up 15-man governorning board for NEITI

 

 

President Bola Tinubu, on Tuesday, reaffirmed Nigeria’s commitment to the implementation of the Extractive Industries Transparency Initiative by inaugurating the newly constituted 15-member National Stakeholders Working Group, also known as the Governing Board of the Nigeria Extractive Industries Transparency Initiative.

 

 

Represented by the Secretary to the Government of the Federation, Senator George Akume, who also chairs the new NEITI board, the President said transparency in the extractive sector as well as prudent management of Nigeria’s resources was central to his administration’s economic agenda and the anti-corruption policies.

 

 

“The present administration is passionate and remains fully committed to the global Extractive Industries Transparency Initiative, the work of NEITI and the visible impacts which the EITI process has achieved so far in Nigeria,” the President stated at the inauguration which took place in Abuja.

 

 

He added, “Our faith in the EITI process is not just because it is central to our key government agendas, but also because, over the years, NEITI has demonstrated a high degree of competence, integrity and commitment to the values that the country requires to achieve economic growth and development in the sector.

 

“This has been through the availability of reliable information and data required for national planning and reforms. NEITI has supported revenue growth in the sector through the meticulous application of EITI principles.

“Our national and global focus is on energy security, efficiency and justice in energy financing, renewables and control of emissions. The work of NEITI is so important to our country and particularly this administration in helping us to define our country’s engagement strategy on the energy transition debate through consultations, constructive engagement driven by reliable information and data.”

Tinubu emphasised NEITI’s non-partisan nature, calling on the NSWG members to conduct themselves according to the EITI standards that define the function of the NSWG to be focused on policy and oversight, not day-to-day management.

“It is also necessary for me to stress that your appointment is a part-time one. Your appointment as a member of the NSWG is not a full-time job and as members, please note this very carefully to avoid getting involved in issues of day-to-day management which is the work of NEITI management under the leadership of the Executive Secretary.

“You are therefore advised to conduct yourselves in accordance with this requirement,” the President stated.

Addressing the board shortly after the inauguration, the NSWG Chairman, George Akume, stressed the need for the new NEITI board to immediately take steps to address the outstanding issues raised by the EITI validation report.

“This board has the responsibility to understand the issues and provide policy support to the secretariat to successfully implement the plan.

“Nigeria scored 72 points in that global assessment and I hope that Nigeria will score 100 points at the next validation due in January 2026 under this board and my chairmanship.

“Our duty as a board is to provide strong policy direction for NEITI and the extractive sector for the full implementation of the EITI principles and standards to ensure transparency and accountability in the sector.

“We must support the ongoing independent audits of the industry, reforms in the oil and gas sector being driven by the Petroleum Industry Act 2021, the reforms in the solid minerals sector, the proposed amendments of the NEITI Act, pay attention to the debate on climate change, energy transition, beneficial ownership disclosures, domestic resource mobilisation, contracts transparency implementation and EITI standards on Open Data,” Akume stated.