The Nigerian federal government has reaffirmed its commitment to the Extractive Industries Transparency Initiative (EITI), pledging to deepen public disclosure, revenue reconciliation, independent audits, and institutional accountability across the country's extractive sector. Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, made the assurance in Brussels, Belgium, on behalf of President Bola Tinubu at the EITI Leadership Forum of the 2026 EITI Global Conference.
Ekpo's statement, released by his spokesman, Louis Ibah, highlighted the government's ongoing reforms aimed at making petroleum revenues easier to trace, plugging leakages, and giving citizens greater visibility into how proceeds from the country's natural resources are collected and deployed. The minister announced that Nigeria would publish a progress update by the end of 2027, detailing the reforms implemented and measurable improvements recorded.
Ekpo emphasized that Nigeria's commitment to transparency had moved beyond policy declarations and was increasingly embedded in the country's legislation, institutions, and regulatory processes. He recalled that Nigeria joined the EITI in 2003 and domesticated the initiative a year later, while the Nigeria Extractive Industries Transparency Initiative Act of 2007 established a statutory framework for its implementation.
The minister pointed to provisions of the Petroleum Industry Act (PIA) 2021, which require public registers of petroleum licences and leases, as well as the disclosure of beneficial ownership information. These measures aim to strengthen transparency and accountability in the extractive sector. Ekpo also cited Executive Order 9 of 2026, which addresses certain deductions and arrangements affecting revenues accruing to the Federation.
Ekpo stated that 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. The measures provide a clearer pathway from petroleum production to revenue collection, remittance, and eventual appropriation. He described this as both a fiscal and a transparency reform.
The EITI Leadership Forum, where Ekpo delivered Nigeria's commitment statement, had the theme "Transparency for Shared Prosperity." The forum provided a platform for countries to share best practices and experiences in promoting transparency and accountability in the extractive sector. Ekpo's statement demonstrated Nigeria's commitment to implementing the EITI principles and promoting transparency in the sector.
The Nigerian government's commitment to EITI and transparency in the extractive sector is expected to enhance public trust and accountability. The progress update to be published by the end of 2027 will provide a measure of the country's progress in implementing the EITI principles and promoting transparency.
Key points
- Nigeria commits to publishing a progress update on EITI implementation by end 2027.
- The Petroleum Industry Act 2021 requires public registers of petroleum licences and leases.
- Executive Order 9 of 2026 addresses deductions and arrangements affecting Federation revenues.
