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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Resident Doctors Issue 21-Day Ultimatum to FG Over Unpaid Allowances, Salary Arrears
The Nigerian Association of Resident Doctors (NARD) has issued a 21-day ultimatum to the Federal Government, demanding urgent resolution of unpaid allowances, salary arrears, delayed training funds, and other welfare-related concerns affecting medical practitioners across the country. The ultimatum was contained in a communique issued after the association’s Ordinary General Meeting (OGM) held in Kano…
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Senate Advances Bill to Regulate Cryptocurrency, Strengthen Investor Protection in Nigeria
The Nigerian Senate has passed for second reading a bill seeking to regulate cryptocurrency operations, protect investors, and strengthen the country’s growing digital economy. The bill, sponsored by Deputy Senate President Barau Jibrin, was approved during Tuesday’s plenary session following majority support from senators through a voice vote. After its passage, the proposed legislation was…
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Dangote Refinery Increases Processing Capacity To 700,000 Bpd
Dangote Petroleum Refinery and Petrochemicals has increased its crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its official nameplate capacity of 650,000 bpd. The achievement was confirmed during a performance test conducted by the refinery’s process licensors, marking a major milestone in the facility’s operational growth. The development further strengthens the refinery’s…
