TINUBU ORDERS DIRECT REMITTANCE OF OIL, GAS REVENUES TO FEDERATION ACCOUNT
By: Safiya Abdulrahim Dabban
Bola Ahmed Tinubu has signed a sweeping Executive Order mandating the direct remittance of oil and gas revenues to the Federation Account, aiming to plug leakages, boost transparency, and strengthen public finances.
The order seeks to curb excessive deductions under the existing petroleum framework and ensure that revenues due to the federal, state, and local governments are fully protected. It also repositions NNPC Limited strictly as a commercial entity while safeguarding the Federation’s financial interests.
President Tinubu said the reforms are critical to economic stability, fiscal sustainability, and the overall welfare of Nigerians, adding that a broader review of the Petroleum Industry Act will follow to address lingering structural and fiscal gaps.