Oil for loan deal: EITI seeks full disclosure of repayment terms

•Insists on reconstitution of NEITI board



ABUJA- GLOBAL Extractive Industries Transparency Initiative, EITI, has called on the Federal Government to make full disclosures of the terms of the deal struck with African Export-Import Bank, AfreximBank, for the $3.3 billion cash loan that was guaranteed by future oil production in the country.

The global transparency body which also expressed concern over lack of openness in contracts executed in Nigeria’s oil and gas industry said the government needs to come clean on the payment mode for its 20 percent stake in the $20 billion Dangote Refinery.

EITI’s Deputy Executive Director, Mr. Bady Balde who is leading a team of EITI officials to Nigeria, said the citizens need to know how much of future oil production has been pledged to service the debts.

Mr. Balde pointed out though Nigeria has performed well in the implementation of EITI standard in the past, validation of the country’s performance for 2019 – 2022 which was carried out last year showed that implementation has declined in areas of contract disclosures.

Also speaking, EITI Technical Director, Mr. Alex Gordy said “The validation found that terms for key contracts particularly in the oil gas sector remains publicly non-accessible which means that full scope of understanding of the fiscal terms, the rights and obligations of the global oil and gas companies of some of these producing contracts remain inaccessible.