The Federal Government has set the end of 2027 as the deadline for publishing a progress report detailing reforms and measurable improvements in transparency and accountability in Nigeria’s extractive industry.
The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, disclosed this on Thursday in Brussels, Belgium, while presenting Nigeria’s commitment statement on behalf of President Bola Ahmed Tinubu at the EITI Leadership Forum of the 2026 Extractive Industries Transparency Initiative (EITI) Global Conference.
Ekpo said the planned report would show the extent to which the country had implemented its commitments to public disclosure, revenue reconciliation, independent audits and institutional accountability across the extractive sector.
He explained that the reforms were designed to make petroleum revenue flows more traceable, curb financial leakages and enable Nigerians to understand how proceeds from the country’s natural resources contribute to national development.
The minister maintained that the administration’s commitment to the EITI framework went beyond policy pronouncements, pointing to legislative and institutional measures intended to strengthen transparency in the management of extractive resources.
“Transparency must not be an end in itself,” Ekpo told delegates at the conference, themed “Transparency for Shared Prosperity.” “It must enable accountability; accountability must strengthen governance; and good governance must ultimately translate into shared prosperity.”
He said Nigeria’s transparency framework had evolved since the country joined the EITI in 2003 and domesticated its principles in 2004, culminating in the enactment of the Nigeria Extractive Industries Transparency Initiative (NEITI) Act in 2007.
Ekpo also cited the Petroleum Industry Act 2021, which provides for public registers of petroleum licences and leases, as well as the disclosure of beneficial ownership information, as part of the legal framework supporting greater openness in the sector.
On revenue management, he said the Tinubu administration was strengthening oversight by directing petroleum revenues into the Federation Account and improving the reconciliation, reporting and management of revenue flows.
He identified Executive Order 9 of 2026 as another measure addressing certain deductions and arrangements affecting Federation revenues, describing the reforms as critical to improving the transparency of public finances.
“For Nigeria, this is both a fiscal and a transparency reform,” Ekpo said, explaining that the measures were intended to establish a clearer chain of accountability from petroleum production through revenue collection and remittance to appropriation.
According to him, the reforms are expected to strengthen public institutions, improve regulatory clarity, minimise revenue losses and boost investor confidence in the extractive industry.
He, however, stressed that sustaining the gains would depend on a robust legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous engagement with stakeholders.
The minister reaffirmed Nigeria’s commitment to the EITI process, noting that transparency in the management of natural resources must produce tangible benefits for citizens rather than remain a reporting obligation.
He said the government would continue to strengthen the systems through which extractive revenues are accounted for and managed, with the ultimate objective of ensuring that resource wealth contributes more effectively to national development.
