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Nigeria: Tinubu Mandates Direct Remittance of Oil, Gas Revenue to Federation Account
The order reverses 2021 Petroleum Industry Act deductions to restore revenues to Nigeria’s Federation Account and reduce wasteful spending, officials said.
- On Wednesday, President Bola Tinubu ordered direct remittance of oil and gas revenues into the Federation Account to safeguard and enhance federal revenues, Bayo Onanuga disclosed.
- NNPC Limited currently retains 30% of profit oil and profit gas as the Frontier Exploration Fund under sections 9 and 9 of the Petroleum Industry Act 2021, which created revenue deductions reducing Federation receipts.
- Section 103 of the PIA established an Environmental Remediation Fund administered by NUPRC, while Section 104 created the Midstream and Downstream Gas Infrastructure Fund funded by gas-flaring penalties and lessee fees.
- Critics warn that large funds for speculative exploration risk idle cash and inefficiency while security, education, healthcare and energy-transition investments need funding, and the Federal Government called the extra 30% fee unjustified given existing retentions.
- Anchored on Section 44 of the Constitution, the EO directs remittances to the Government of the Federation and could reshape administration of PIA funds and revenue sharing among federal, state and local governments.
18 Articles
18 Articles
Tinubu orders direct remittance of oil, gas revenues to Federation Account
President Tinubu said the order is meant to safeguard and enhance oil and gas revenues for the federation, curb wasteful spending, eliminate duplicative structures in the sector and redirect resources for the benefit of the Nigerian people.
Daily Post Nigeria
justnewsline.comTinubu signs Executive Order for remittance of oil, gas revenue to federation account
President Bola Tinubu has signed an Executive Order, EO, to safeguard and enhance oil and gas revenues for the Federation, curb wasteful spending, eliminate duplicative structures in this critical sector of the national economy, and redirect resources for the benefit of the Nigerian people. His Special Adviser on Information and Strategy, Bayo Onanuga disclosed this in a statement on Wednesday, stressing that Tinubu signed the EO in pursuance of…
Tinubu Orders NNPC to Remit Oil and Gas Revenues Directly to Federation Account
President Bola Tinubu has signed an Executive Order to tighten control over Nigeria’s oil and gas earnings, reduce revenue leakages, eliminate overlapping structures, and ensure more funds reach the Federation Account for federal, state, and local governments. The order was issued under Section 5 of the Constitution and anchored on Section 44(3), which vests ownership … The post Tinubu Orders NNPC to Remit Oil and Gas Revenues Directly to Federa…
Tinubu Signs Executive Order to Stop NNPC 30% Management Fee
By Adedapo Adesanya President Bola Tinubu has signed an Executive Order directing all oil and gas revenues be remitted directly to the Federation Account, effectively halting the 30 per cent management fee previously retained by Nigerian National Petroleum Company (NNPC) Limited under the Petroleum Industry Act (PIA) 2021. The order, signed on February 13, 2026, […]
FG Ends Multiple Deductions In Oil Sector, Boosts Federation Earnings
President Bola Ahmed Tinubu has signed a new Executive Order directing that oil and gas revenues be paid directly into the Federation Account, in a move aimed at increasing government earnings and blocking financial leakages in the sector. The President issued the order under Section 5 of the 1999 Constitution (as amended), to safeguard national revenue, reduce wasteful spending and eliminate multiple deductions that have reduced the funds avail…
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