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Article

16 Jun 2013

Author:
Chris Musiime, Oil in Uganda

Nigeria’s story should inspire Uganda to join EITI

A week ago, Nigeria’s President...ordered Nigerian revenue collection agencies to recover $9.6 billion in underpaid or unpaid taxes and royalties from oil companies operating in Nigeria...This loss was discovered...following an audit by the Nigerian arm of the Extractive Industries Transparency Initiative (NEITI) which found that colossal sums of money were being lost by...other ‘clever’ accounting practices...The Uganda government has...[maintained] that it will join EITI at an appropriate time...Why has Uganda been slow to prioritise an already tried and tested transparency tool...? Why can’t we, the citizens, be told how money is exchanging hands in the oil and gas sector? Interestingly, there is a global shift towards greater corporate transparency with home governments of huge businesses including oil and gas companies, putting legislation in place to monitor the financial activities of their companies. [refers to Shell, Chevron, ExxonMobil, Eni, Tullow Oil, Nigeria National Petroleum Company & Total]