THE country risks suspension in the Extractive Industries Transparency Initiative (EITI) following the failure of Nigerian Extractive Industries Transparency Initiative (NEITI), to release its 2013 oil and gas audit report.

The Federal Government's dissolution of the NEITI board delayed the launch of the report, that has been ready since December 31, 2015. The board must grant its approval prior to the report is made public.

Where Nigeria's suspension may be announced, the EITI international board is scheduled to meet in Lima, Peru on February 22.

The newest EITI board headed by Fredrik Reinfeldt would be taking within the business from Clare Short, that has competed her two-year tenure.

EITI said after failing to publish the reports on December 31, 2015 Nigeria News Papers Online Nation was http://www.080466.com/comment/html/index.php?page=1&id=13480 in breach of its rules and standards.

EITI's Deputy Head and Regional Director for Africa and the Middle East, Eddie Rich, said though the reasons advanced by NEITI for missing the deadline were certainly clear, determination on the problem would be directed by the EITI rules.

Rich, who spoke at a meeting with civil societies as well as the media to NEITI, through the visit of new EITI Chair, Fredrik Reinfeldt, said Nigeria has enough time from now till the EITI meeting in Lima, Peru, to release the reports.

He said: «We possess a standard with conditions and rules and that is the money, this is the power, that is exactly why you value the EITI standard, which is why other countries value it. Getting this rare balance between an actual politics problem that is very clear, you've the need for the straight interpretation of the conditions, that's the equilibrium they playing it in the moment and also here in Nigeria.

I can not say with any assurance, which way that's going to go. According to Rich, „I have to tell you there's a substantial possibility of Nigeria's suspension and I am sorry to have to mention that. That's not impossible, obviously. Whatever the final decision, we shall do our best to make sure the board takes that conclusion in an informed way, with true comprehension of exactly what the problems are in Nigeria.“

Rich farther explained that if Nigeria is suspended, the nation gets the opportunity of having the suspension mechanically lifted if the audit reports are published inside the next six months, adding that failure to print it inside the six months timeframe will justify the publication of the 2014 report before the suspension would be lifted.