By Stephanie Odiase
The Federal Government has reaffirmed its commitment to the Extractive Industries Transparency Initiative (EITI), pledging to strengthen public disclosure, revenue reconciliation, independent audits and institutional accountability across the extractive sector.
Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, made the commitment in Brussels, Belgium, on Thursday at the EITI Leadership Forum of the 2026 EITI Global Conference, themed “Transparency for Shared Prosperity.”
Ekpo who delivered Nigeria’s commitment statement on behalf of President Bola Ahmed Tinubu, said the measures would make petroleum revenues more traceable, reduce leakages and enable citizens to see more clearly how resource revenues support national development. He announced that by the end of 2027, Nigeria will publish a progress update setting out the reforms implemented and the measurable improvements achieved.
He said Nigeria’s commitment to transparency is “not simply a policy declaration,” but is increasingly reflected in the country’s laws, institutions and regulatory processes.
The minister recalled that Nigeria joined the EITI in 2003 and domesticated it in 2004, with the Nigeria Extractive Industries Transparency Initiative (NEITI) Act 2007 providing a statutory framework. The Petroleum Industry Act 2021, he said, provides for public registers of petroleum licences and leases and disclosure of beneficial ownership information.
Ekpo said the Tinubu administration is strengthening the traceability and oversight of petroleum revenues by directing their remittance into the Federation Account and improving the reconciliation, reporting and management of revenue flows. He cited Executive Order 9 of 2026, which also addresses certain deductions and arrangements affecting Federation revenues.
He pointed out that “For Nigeria, this is both a fiscal and a transparency reform,” adding that it creates a clearer pathway from petroleum production through revenue collection and remittance to appropriation.
While noting that the reforms are intended to deliver more than immediate fiscal gains, he stated that they will strengthen institutions, improve regulatory clarity, reduce leakages and enhance investor confidence.
Speaking further he added, that sustaining them will require a strong legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous stakeholder engagement.
“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.