Overview

The Nigeria Extractive Industries Transparency Initiative (NEITI) Act, 2007 establishes the NEITI as an autonomous self-accounting body corporate with perpetual succession, reporting to the President and the National Assembly. Its primary objectives include ensuring due process and transparency in payments by extractive industry companies to the Federal Government, monitoring accountability in revenue receipts, eliminating corrupt practices in revenue determination and postings, and ensuring transparency in government application of resources from these payments. The NEITI is tasked with developing a framework for transparency and accountability in revenue reporting and disclosure by extractive companies, evaluating practices of companies and government regarding acreage acquisition, budgeting, contracting, and procurement to ensure due process, and ensuring transparency in management of Federal Government investments in extractive companies. The Act also provides for the appointment of independent auditors and publication of reports, establishment of a National Stakeholders Working Group, financial provisions, offences and penalties, and regulations. The document is the full text of the Act, including sections on establishment, objectives, functions, auditing, working group composition, tenure, allowances, meetings, special committees, appointment of Executive Secretary and staff, financial provisions, bank accounts, offences, regulations, and interpretation.

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