The Senate Committee on Public Accounts has scheduled 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 formal notice issued by the committee, Chairman Senator Ibrahim Dankwambo explained that the hearings are part of the committee’s constitutional mandate to ensure accountability and transparency in public finance. He emphasized that the exercise is anchored on 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 edition.
The hearings are expected to provide a platform for stakeholders in the oil and gas industry, government agencies, and civil society organizations to review findings from NEITI’s audit reports and deliberate on measures to strengthen transparency, accountability, and good governance in Nigeria’s extractive sector.
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 hold in the month of August.
