The Federal Government has pledged to strengthen oversight of petroleum revenues, improve remittances to the Federation Account and reduce revenue leakages, with a progress report due by the end of 2027.
The commitments were announced at the 2026 Extractive Industries Transparency Initiative (EITI) Global Conference in Brussels, Belgium, in a statement delivered on behalf of President Bola Tinubu by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
Speaking under the theme Transparency for Shared Prosperity, Ekpo said the government would improve the tracking, reconciliation, reporting and management of petroleum revenues to enhance fiscal transparency and accountability.
The government also cited Executive Order 9 of 2026 as part of efforts to address deductions affecting Federation revenues and establish a clearer process for tracking funds from petroleum production through collection, remittance and budgetary allocation.
It said the measures were expected to strengthen institutions, improve regulatory clarity, reduce revenue losses and boost investor confidence in the petroleum sector.
Nigeria joined EITI in 2003 and domesticated the initiative in 2004 before enacting the Nigeria Extractive Industries Transparency Initiative (NEITI) Act in 2007. The Petroleum Industry Act (PIA) 2021 further expanded disclosure requirements across the petroleum value chain, including public registers of petroleum licences and leases and beneficial ownership information.
Through independent audits, revenue and production disclosures, and engagement with government, industry and civil society, NEITI is expected to support greater public access to information on extractive industry revenues.
However, the government’s proposed reforms will be assessed by whether they improve actual revenue collection, ensure timely remittances, resolve audit findings and reduce discrepancies in reported revenue flows.
The progress report, expected by the end of 2027, is intended to detail the measures implemented and measurable improvements achieved.
The statement did not specify numerical targets for reducing revenue leakages or provide detailed performance indicators for evaluating the reforms.
The government maintained that achieving its objectives would require effective enforcement of existing laws, reliable data systems, independent audits, public disclosure and sustained stakeholder engagement.
It added that transparency must extend beyond publishing revenue figures to ensuring that funds due to the Federation are properly accounted for and public spending delivers measurable economic and social benefits.
