The Nigeria Extractive Industries Transparency Initiative (NEITI) was launched as a domestic version of the global Extractive Industries Transparency Initiative (EITI) to correct financial mismanagement in the extractive industries sector. The NEITI Act was enacted in 2007 to serve as a legal reinforcement for NEITI. The NEITI Act is intended to foster the operations of NEITI for improved socioeconomic development. The study aims to assess the impact of the NEITI Act on natural resource revenue governance in Nigeria. The rent seeking theory was adopted as the theoretical basis for the study. A mixed research methodology combining qualitative and quantitative techniques was used for the study. Data collection was done using documentary sources while content analysis was employed for data analysis. The study revealed that although the NEITI Act stipulates transparency and accountability as the core objectives of NEITI, its provisions on modus of operation focuses more on transparency and gives less consideration to accountability. The study also showed that the NEITI Act enhances revenue disclosure but fails to ensure that natural resource revenues are utilized by government to improve the socioeconomic well being of the people. The study recommends that the NEITI Act needs to be reviewed to strike a balance between its transparency and accountability mandate, and also to block loopholes that are exploited by stakeholders in the extractives industries sector, for improved natural resource revenue governance in Nigeria.