FG reaffirms commitment to extractive industries transparency initiative

By Onu Okorie

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 Nigeria’s extractive sector.
The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, made the commitment on Thursday in Brussels, Belgium, while delivering Nigeria’s statement at the EITI Leadership Forum during the 2026 EITI Global Conference, themed “Transparency for Shared Prosperity.”
Ekpo, who spoke on behalf of President Bola Ahmed Tinubu, said the planned reforms would improve the traceability of petroleum revenues, reduce financial leakages and enable Nigerians to better understand how revenues from natural resources contribute to national development.
He announced that Nigeria would publish a progress update by the end of 2027, detailing reforms implemented and measurable improvements achieved in advancing transparency and accountability in the extractive sector.
According to the minister, Nigeria’s commitment to transparency goes beyond policy declarations, as it is increasingly reflected in the country’s laws, institutions and regulatory processes.
He recalled that Nigeria joined the EITI in 2003 and domesticated its principles in 2004, while the Nigeria Extractive Industries Transparency Initiative (NEITI) Act of 2007 established the statutory framework for promoting transparency and accountability in the management of revenues from the extractive industries.
Ekpo also highlighted the Petroleum Industry Act (PIA) 2021, which provides for public registers of petroleum licences and leases, as well as the disclosure of beneficial ownership information.
He said the administration of President Tinubu was 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.
The minister 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 establish a clearer pathway from petroleum production through revenue collection and remittance to appropriation.
He noted that the reforms were designed to deliver benefits beyond immediate fiscal gains, including stronger institutions, improved regulatory clarity, reduced revenue leakages and enhanced investor confidence.
However, Ekpo stressed that sustaining the gains would require a robust legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous engagement with stakeholders.
He emphasised that transparency should serve as a means of strengthening accountability, improving governance and promoting inclusive national development.
“Transparency must not be an end in itself,” he told delegates. “It must enable accountability; accountability must strengthen governance; and good governance must ultimately translate into shared prosperity.”
The Federal Government’s renewed commitment comes amid ongoing efforts to strengthen public oversight of the extractive sector and ensure that revenues generated from Nigeria’s natural resources are properly accounted for and contribute meaningfully to national development.
The proposed progress update in 2027 is expected to provide an opportunity to assess the implementation of the announced reforms and measure their impact on transparency, revenue management and institutional accountability.