The Federal Government has reaffirmed its commitment to the Extractive Industries Transparency Initiative (EITI), promising stronger public disclosure, revenue reconciliation, independent audits and greater accountability in Nigeria’s extractive sector.
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, made the commitment on Thursday in Brussels, Belgium, while delivering Nigeria’s commitment statement on behalf of President Bola Ahmed Tinubu at the EITI Leadership Forum of the 2026 EITI Global Conference.
The conference, themed “Transparency for Shared Prosperity,” brought together stakeholders to examine ways of improving transparency and accountability in the global extractive industries.
Ekpo said the Federal Government’s reforms were designed to make petroleum revenues more traceable, reduce leakages and enable Nigerians to better understand how revenues from the country’s natural resources contribute to national development.
He announced that Nigeria would publish a progress update by the end of 2027 detailing the reforms implemented and measurable improvements recorded.
The minister said Nigeria’s commitment to transparency was no longer limited to policy pronouncements but was increasingly reflected in its laws, institutions and regulatory processes.
Ekpo recalled that Nigeria joined the EITI in 2003 and domesticated the initiative in 2004, while the Nigeria Extractive Industries Transparency Initiative (NEITI) Act of 2007 established a statutory framework for transparency in the sector.
He added that the Petroleum Industry Act (PIA) 2021 provides for public registers of petroleum licences and leases, as well as the disclosure of beneficial ownership information.
According to him, the Tinubu administration is strengthening the traceability and oversight of petroleum revenues by ensuring their remittance into the Federation Account and improving the reconciliation, reporting and management of revenue flows.
He also cited Executive Order 9 of 2026 as part of the measures addressing certain deductions and arrangements affecting Federation revenues.
“For Nigeria, this is both a fiscal and a transparency reform,” Ekpo said, explaining that the measures would create a clearer pathway from petroleum production through revenue collection and remittance to appropriation.
The minister said the reforms were expected to deliver benefits beyond immediate revenue gains, including stronger institutions, clearer regulations, reduced leakages and improved investor confidence.
He stressed, however, that sustaining the gains would require a robust legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous engagement with stakeholders.
“Transparency must not be an end in itself. It must enable accountability; accountability must strengthen governance; and good governance must ultimately translate into shared prosperity,” Ekpo told delegates.
