6th EITI Report Shows Gains in Extractive Sector

first_imgThe Liberian government received more revenues than payments declared by eight reporting companies because of the net difference of U$5,361,233 or 2.9% of the total amount received, according to a report covering the fiscal period of July 1, 2012 to June 30, 2013 launched yesterday by the Liberia Extractive Industries Transparency Initiative’s (LEITI) Multi-Stakeholders Steering Group.Reading a statement at a press conference during the official launch of the 6th Extractive Industries Transparency Initiative’s (EITI) Report at the LEITI Secretariat on Capitol Hill in Monrovia, Mr. Stephen B. Dorbor attributed the net discrepancy to two reasons.“Companies for which the government reported receipts did not submit payment data to the Reconcilers, including artisanal and small scale miners and pit sawyers,” he said. Mr. Dorbor, who is the Deputy Minister for Planning and Human Resources Development at the Ministry of Lands, Mines and Energy, said the other situation was companies that submitted data, but whose differences could not be reconciled due to lack of adequate information provided by the Reconcilers.He said the 6th Report revealed that payment data from companies involved with the reporting were categorized into two groups.“They are companies above the materiality threshold and those below threshold and for the period under review, 85 companies were above the materiality threshold and 125 companies below the threshold,” Minister Dorbor said.He explained that the Report indicated that from nine government agencies, from the oil, mining, forestry and agriculture sectors, for the period running from July 1, 2012 to June 30, 2013, revenues amounted to U$185,345,028, while payment data supplied by 80 companies amounted to U$179,983,795.Minister Dorbor said details of the Report revealed that total receipts for companies amounted to U$185,345,028 for the 6th Report as compared to U$110,146,657 of the 5th Report, which is a net increase of U$75.8 million in revenue.“Additionally, the total number of companies registered with LEITI increased by 52 or 26% during the period under review, which means 148 companies for the 5th Report to 200 companies for the 6th Report,” Minister Dorbor indicated.He named all nine agencies of government whose reports in the 5th were consistent in the 6th Report as the Environmental Protection Agency, (EPA), Forestry Development Authority (FDA), Liberia Civil Aviation Authority (LCAA) and the Liberia Maritime Authority (LMA).The rest, he said are the Ministry of Agriculture, Ministry of Finance (MOF), Ministry of Lands, Mines and Energy (MLME), National Oil Company of Liberia (NOCAL) and the National Port of Authority (NPA).Minister Dorbor said the Report consisted of contributions made by extractive companies that promoted local development and financed social projects in line with EITI Requirement 4.1. The requirement, he said, encourages multi-stakeholder groups to apply a high standard of transparency to social payments and transfers to other benefit streams, including the recognition that these payments may be reported even though it is not possible to reconcile them.The 6th Report, he said, dealt with three major areas: Beneficial Ownership Disclosure, the Mining Sector Scoping Study Report and the Contract Matrix (Contract Simplification).He commended USAID for funding the 6th Report and Scoping Study; the UNDP for funding the Beneficial Ownership Disclosure Exercise; and GIZ for supporting the Contract Matrix Project.The Report was approved and launched by the Multi-Stakeholders Steering Group (MSG) of the Liberia Extractive Industries Transparency Initiative, of which Minister Dorbor is the Chairman.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img

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