FG reaffirms commitment to EITI, revenue transparency 

FG reaffirms commitment to EITI, revenue transparency

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.

The Minister of State, Petroleum Resources (Gsa), Ekperikpe Ekpo, made this known in Brussels, Belgium, on Thursday at the EITI Leadership Forum of the 2026 EITI Global Conference, wot the theme, “Transparency for Shared Prosperity”.

According to a statement from the ministry on Thursday, Ekpo delivered Nigeria’s commitment statement on behalf of President Bola Tinubu.

He said the measures would make petroleum revenues more traceable, reduce leakages and enable citizens to see more clearly how resource revenues support national development.

“By the end of 2027, Nigeria will publish a progress update setting out the reforms implemented and the measurable improvements achieved.

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

He 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.

According to him, the Petroleum Industry Act 2021 provides for public registers of petroleum licences and leases and disclosure of beneficial ownership information.

He said Tinubu’s administration 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.

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He cited Executive Order 9 of 2026, which also addresses certain deductions and arrangements affecting federation revenues.

“For Nigeria, this is both a fiscal reform and a transparency reform.

“It creates a clearer pathway from petroleum production through revenue collection and remittance to appropriation,” Ekpo said.

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

He said the reforms would require a strong legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous stakeholder engagement for sustainability.

“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,” he said.