The Federal Government of Nigeria has renewed its pledge to tighten transparency in the oil and gas sector, promising to publish a report by the end of 2027 that will show which reforms have been carried out and what measurable gains they have delivered.
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo gave the assurance on Thursday at the Leadership Forum of the 2026 Extractive Industries Transparency Initiative (EITI) Global Conference in Brussels.
The conference is themed “Transparency for Shared Prosperity.” Ekpo presented Nigeria’s commitment statement on behalf of President Bola Ahmed Tinubu.
He said the government will strengthen public disclosure, revenue reconciliation, independent audits and institutional accountability across the extractive sector.
According to him, the goal is to make petroleum revenues easier to trace, reduce leakages and help citizens see more clearly how resource earnings support national development.
Ekpo said Nigeria’s commitment to transparency is “not simply a policy declaration,” but is increasingly written into the country’s laws, institutions and regulatory processes.
He noted that Nigeria joined the EITI in 2003 and domesticated it in 2004, while the Nigeria Extractive Industries Transparency Initiative (NEITI) Act 2007 supplies the statutory framework.
The Petroleum Industry Act 2021, he said, requires public registers of petroleum licences and leases, as well as disclosure of beneficial ownership information.
The minister said NEITI backs this framework through independent audits, revenue and production disclosures, validation and stakeholder engagement.
These tools, he said, have helped government, industry, civil society and citizens understand how revenues from natural resources flow and hold relevant institutions to account.
He added that the Tinubu administration has pursued reforms that go beyond EITI implementation but directly support its core goals of transparency, accountability, efficient revenue management and public value.
The most prominent is the directive that petroleum revenues be remitted into the Federation Account, together with better reconciliation, reporting and management of revenue flows.
Ekpo 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, explaining that it creates a clearer pathway from petroleum production through revenue collection and remittance to appropriation.
He said the reforms are meant to deliver more than immediate fiscal gains. They form part of a wider effort to strengthen institutions, improve regulatory clarity, reduce leakages and boost investor confidence, so that the value of natural resources translates more effectively into national development.
Sustaining these gains, Ekpo said, will require a strong legal and regulatory framework, reliable data systems, independent audits, public disclosure and continuous stakeholder engagement.
He added that Nigeria will keep strengthening NEITI and the institutions responsible for accountable governance in the extractive sector.
“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.”
Ekpo said the measures are intended to build public trust, strengthen the economy and ensure that the responsible management of natural resources delivers lasting value for present and future generations.
