Tales via Emmanuel Addeh in Abuja
The government has reaffirmed its dedication to the Extractive Industries Transparency Initiative (EITI), pledging to deepen public disclosure, earnings reconciliation, unbiased audits and institutional duty throughout Nigeria’s extractive sector.
The Minister of State, Petroleum Sources (Fuel), Ekperikpe Ekpo, gave the peace of mind in Brussels, Belgium, whilst turning in Nigeria’s dedication observation on behalf of President Bola Tinubu on the EITI Management Discussion board of the 2026 EITI International Convention, a observation via his spokesman, Louis Ibah, mentioned.
Talking at the theme: “Transparency for Shared Prosperity,” Ekpo mentioned the federal government’s ongoing reforms had been geared toward making petroleum revenues more straightforward to track, plugging leakages and giving electorate larger visibility into how proceeds from the rustic’s herbal sources are gathered and deployed.
He introduced that Nigeria would, via the top of 2027, put up a growth replace detailing the reforms carried out below the dedication and the measurable enhancements recorded.
Ekpo mentioned Nigeria’s dedication to transparency had moved past coverage declarations and used to be more and more embedded within the nation’s regulation, establishments and regulatory processes.
He recalled that Nigeria joined the EITI in 2003 and domesticated the initiative a 12 months later, whilst the Nigeria Extractive Industries Transparency Initiative Act of 2007 due to this fact established a statutory framework for its implementation.
The minister additionally pointed to provisions of the Petroleum Trade Act (PIA) 2021 requiring public registers of petroleum licences and rentals, in addition to the disclosure of recommended possession knowledge.
Consistent with him, the Tinubu management is additional strengthening the traceability and oversight of petroleum revenues via directing their remittance into the Federation Account and making improvements to the reconciliation, reporting and control of earnings flows.
He cited Govt Order 9 of 2026, which he mentioned additionally addresses positive deductions and preparations affecting revenues accruing to the Federation.
“For Nigeria, that is each a fiscal and a transparency reform,” Ekpo mentioned, including that the measures supply a clearer pathway from petroleum manufacturing to earnings assortment, remittance and eventual appropriation.