The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday in Abuja presented the template for the fiscal allocation and statutory disbursement audit to stakeholders for necessary input.
The audit exercise which will cover the period 2007-2011 is part of the core statutory mandate of NEITI provided for under section 2 of the NEITI Act of 2007.
The template according to the Acting Executive Secretary of NEITI, Orji Ogbonnaya Orji, is a set of questions which NEITI’s team of auditors will expect answers to be provided to by entities covered in the audit exercise through a designed questionnaire format.
Speaking at the workshop, Orji explained the audit is expected to cover actual disbursements of funds accrued to the Federation Account from the oil and gas sector to beneficiaries such as Federal, States, Local Governments and other relevant agencies as well as tracking actual application of the funds.
The audit exercise which is expected to be completed in October is to be conducted by indigenous firm, SIAO. In his remarks, Chairman of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Mr Elias Mbam, pointed out that it was common knowledge in Nigeria that revenue from extractive industry is a major contributor to Federation Account.