News
Tinubu Orders Reforms to Boost Transparency in Oil Revenue Remittances
President Bola Tinubu has issued an Executive Order aimed at tightening oversight of Nigeria’s oil and gas earnings and ensuring that revenues due to the Federation are fully accounted for.
The directive seeks to reduce revenue leakages, remove overlapping financial structures, and strengthen remittance flows to the Federation Account.
Officials said the order draws authority from constitutional provisions that place ownership of mineral resources in the Federation and require all proceeds from their exploitation to be centrally paid and distributed.
As part of the reforms, deductions previously retained by the Nigerian National Petroleum Company Limited—including certain management fees and frontier exploration allocations—are to be discontinued, with proceeds redirected to the Federation Account.
Payments linked to gas-flare penalties will also be routed directly into the national revenue pool rather than sector-specific funds.
Authorities said the move is intended to improve fiscal discipline, boost public revenue, and ensure that petroleum income contributes more directly to national development.
An inter-agency committee has been constituted to supervise implementation, while a broader legislative review of petroleum sector arrangements is expected to follow.
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NNPC CEO Ojulari Receives Fellowship from UK Energy Institute
The Nigerian National Petroleum Company Limited (NNPC Limited) has achieved a global milestone as its Group Chief Executive Officer, Bayo Ojulari, was awarded the Fellowship of the Energy Institute, United Kingdom, one of the highest honours in the international energy sector. The Fellowship, conferred during International Energy Week in London, recognises senior energy leaders who…
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RMAFC Hails Tinubu’s Executive Order on Oil and Gas Revenues
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has praised President Bola Tinubu’s Executive Order directing the direct remittance of oil and gas revenues to the Federation Account, describing it as a major step toward improving transparency and reducing long-standing revenue leakages. In a statement on Friday, RMAFC Chairman Dr. Mohammed Shehu called the move…
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Nigeria Must Strengthen Domestic Revenue to Ease the Debt Service Burden-Edun
Nigeria stands at a critical juncture in its economic journey. The warning from Finance Minister Wale Edun that debt servicing is becoming a crushing burden for many developing nations cannot be ignored. While Nigeria is technically a lower-middle-income country, its public debt has surged to an estimated $100 billion, with almost half of government revenue…
