The National Economic Empowerment and Development Strategy (NEEDS) recognizes that one of the problems that hamper progress in Nigeria is corruption. The strategy commits government to change the way government does its work and one of the issues is a commitment to “the Extractive Industries Transparency Initiative, which encourages oil companies to fully disclose revenues and costs of operations.” [i] Therefore, in the last three years, there has been a lot of initiative by the Federal Government to improve transparency and accountability in government. One of the major planks of this initiative is the legislative regime that will promote transparency and accountability. One of the pieces of legislation is the Nigeria Extractive Industries Transparency Initiative (NEITI) bill. But there is a major poser as to whether the new legislative regime can lead to poverty reduction or poverty eradication. This paper will attempt to answer this question.
[i] NEEDS (2004), National Economic Empowerment and Development Strategy (NEEDS). Abuja, National Planning Commission.
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