Senate Committee Plans Public Hearing on NEITI Oil, Gas Audit Reports

By Adedapo Adesanya

The Senate Committee on Public Accounts has announced a special legislative oversight and public hearing on the Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports for the oil and gas sector covering the 2021, 2022 and 2023 fiscal years.

In a notice issued by the committee, its Chairman, Mr Ibrahim Dankwambo, disclosed that the exercise forms part of the committee’s constitutional oversight responsibilities under Sections 88, 89 and 85(5) of the 1999 Constitution (as amended), as well as Order 95(5)(d) of the Senate Standing Orders, 2026.

Mr Dankwambo stated that the NEITI audit reports contain detailed information on the operations, revenues, payments, remittances and financial obligations of stakeholders in Nigeria’s oil and gas industry.

According to him, the public hearing is aimed at assessing the level of compliance by ministries, departments and agencies (MDAs), government-owned enterprises, regulatory bodies and operators in the oil and gas sector with the provisions of the Constitution, the NEITI Act, Financial Regulations, the Fiscal Responsibility Act and other applicable laws governing the extractive industry.

He added that the committee would also examine issues raised in the audit reports to strengthen transparency, accountability, revenue assurance and the prudent management of public resources.

The committee has invited more than 50 public institutions and oil and gas companies to appear before it during the hearing, which is scheduled to be held in the month of August.

NEITI conducts independent audits of the extractive industries, monitors compliance with transparency standards, publishes reports on revenues, production, licensing, and financial flows, identifies discrepancies, and recommends policy reforms to strengthen accountability. It functions to improve governance and curb corruption in the management of the nation’s natural resource wealth.