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 the extractive sector.

Minister of State for 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 would publish a progress update outlining the reforms implemented and the measurable improvements achieved.

The minister said Nigeria’s commitment to transparency was “not simply a policy declaration,” but was increasingly reflected in the country’s laws, institutions and regulatory processes.

Ekpo recalled that Nigeria joined the EITI in 2003 and domesticated it in 2004, while the Nigeria Extractive Industries Transparency Initiative (NEITI) Act 2007 provided a statutory framework for implementation.

He said the Petroleum Industry Act 2021 provided 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 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.

“For Nigeria, this is both a fiscal and a transparency reform,” Ekpo said, noting that it created a clearer pathway from petroleum production through revenue collection and remittance to appropriation.

He said the reforms were intended to deliver more than immediate fiscal gains, adding that they would strengthen institutions, improve regulatory clarity, reduce leakages and enhance investor confidence.

Sustaining the reforms, he added, would require a strong legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous stakeholder engagement.