Nigeria Strengthens Commitment to EITI for Oil Revenue Oversight
The federal government of Nigeria has reaffirmed its commitment to the Extractive Industries Transparency Initiative (EITI), emphasizing the need for enhanced public disclosure, revenue reconciliation, independent audits, and institutional accountability in the extractive sector. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, delivered this commitment on behalf of President Bola Tinubu at the EITI Leadership Forum in Brussels, Belgium.
He stated that the government's reforms aim to improve the traceability of petroleum revenues and provide citizens with better visibility into the management of natural resource proceeds. By the end of 2027, Nigeria plans to publish a progress update on these reforms.
Ekpo highlighted that Nigeria has been part of the EITI since 2003 and has established a statutory framework through the Nigeria Extractive Industries Transparency Initiative Act of 2007. The Tinubu administration is also enhancing revenue oversight by directing petroleum revenues into the Federation Account and improving reconciliation and reporting processes.
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