What are the Issues?
How is the Money Spent?
The revenue from the oil and gas sector is used to provide essential goods and services for citizens as well as to finance infrastructure projects. As the owners of the country’s natural resources, citizens should have a say in how the monies are spent. In the current economic environment in which revenues are declining, spending wisely is even more important. Our annual EITI reports provide citizens with data to ask the right questions and keep an eye on how the resources are allocated.
Reducing Corruption in oil, gas and mining industries
EITI implementation acts a disincentive to corruption because participating companies are required to disclose their payments and production for an independent audit. Currently, not all extractive companies participate and EITI legislation will make it mandatory for all companies to participate. The TTEITI submitted draft legislation to the Ministry of Energy for consideration.
Should we be collecting more revenue?
The EITI Report points out if there are revenue leakages and makes recommendations to Government on how to improve its revenue collection from the oil, gas and mining sector. These recommendations will ensure that the sector is better managed and reduce any potential leakages at a time when every cent counts. Implementing EITI legislation will ensure that all companies provide data to the public and provide assurance that the country is receiving its due.
The TTEITI welcomes and encourages all civil society groups to use their collective voice.