FG sets 2027 deadline for extractive sector reform report

Minister of State for Petroleum Resources (Gas), Senator Ekperikpe Ekpo.

The Federal Government has set the end of 2027 as the deadline for publishing a progress report on reforms aimed at improving transparency, revenue tracking and accountability in Nigeria’s extractive sector.

The report will outline the reforms implemented by the government and the measurable improvements recorded in the sector, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed on Thursday in Brussels, Belgium.

Ekpo made the disclosure while delivering Nigeria’s commitment statement on behalf of President Bola Tinubu at the Extractive Industries Transparency Initiative Leadership Forum of the 2026 EITI Global Conference. The conference was themed “Transparency for Shared Prosperity.”

The minister said the Federal Government remained committed to strengthening public disclosure, revenue reconciliation, independent audits and institutional accountability across the extractive industries.

He said the reforms were designed to make petroleum revenues more traceable, reduce leakages and allow Nigerians to better understand how revenues from the country’s natural resources were collected and used for national development.

“The government reaffirms its commitment to the Extractive Industries Transparency Initiative, pledging to strengthen public disclosure, revenue reconciliation, independent audits and institutional accountability across the extractive sector.

“By the end of 2027, Nigeria will publish a progress update setting out the reforms implemented and the measurable improvements achieved,” Ekpo said.

The commitment comes against the backdrop of long-standing concerns over revenue leakages, weak reconciliation of extractive sector receipts and the difficulty citizens face in tracking petroleum revenues from production to government expenditure.

Nigeria joined the EITI in 2003 and domesticated the initiative a year later. The Nigeria Extractive Industries Transparency Initiative Act 2007 subsequently provided a statutory framework for implementing transparency and accountability measures in the extractive sector.

Ekpo said Nigeria’s commitment to transparency was no longer merely a policy aspiration but was increasingly reflected in legislation, institutions and regulatory processes.

He 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.

According to the minister, the reforms under the administration of Tinubu were also focused on improving the traceability and oversight of petroleum revenues.

• Killings: ACF warns FG to prioritise security over politics
• Presidency, Edo APC knock Amaechi over ‘mad’ voters comment
• FG’s 30-day petrol discount sparks opposition backlash

He said the government had directed petroleum revenues to be remitted into the Federation Account while strengthening the reconciliation, reporting and management of revenue flows.

Ekpo also cited Executive Order 9 of 2026, saying it addressed certain deductions and arrangements affecting Federation revenues. “For Nigeria, this is both a fiscal and a transparency reform,” he said.

The minister explained that the changes would provide a clearer chain for tracking petroleum revenues, from production through collection and remittance to government and eventual appropriation.

He said the government expected the reforms to achieve more than immediate increases in revenue.

According to him, stronger transparency mechanisms would improve public institutions, provide greater regulatory certainty, reduce leakages and increase confidence among investors in Nigeria’s extractive industries.

Ekpo, however, said sustaining the reforms would require more than government declarations, stressing the importance of strong laws and regulations, reliable data systems, independent audits, public disclosure and continuous engagement with stakeholders.

He said the Federal Government would continue to strengthen these mechanisms to ensure that revenues generated from Nigeria’s natural resources could be properly accounted for and linked to national development.

“Transparency must not be an end in itself,” Ekpo told delegates. “It must enable accountability; accountability must strengthen governance; and good governance must ultimately translate into shared prosperity.”

The EITI is a global standard designed to promote transparency and accountability in the oil, gas and mining sectors by requiring participating countries and companies to disclose information on extractive industry operations, revenues and ownership.

The Federal Government’s latest commitment therefore places greater emphasis on moving from disclosure of information to measurable improvements in revenue management and institutional accountability.

The proposed 2027 progress update is expected to provide an opportunity to assess whether the reforms have translated into better revenue reconciliation, stronger oversight, reduced leakages and improved public access to information on the country’s extractive resources.