Tinubu Sets New Rule On Oil Income Leakages
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President Bola Tinubu has signed a new Executive Order directing that all revenues from Nigeria’s oil and gas sector be paid straight into the Federation Account.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The decision was taken in Abuja as part of efforts to tighten financial controls and improve transparency in the handling of petroleum income.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The order mandates relevant agencies and operators in the sector to remit proceeds directly, removing intermediaries in the process.
The move is aimed at ensuring that funds due to the federal, state and local governments are fully accounted for and shared according to constitutional provisions.
It also seeks to curb leakages and strengthen public finance management.
Officials say the directive takes immediate effect, with institutions in the oil and gas value chain expected to comply without delay.
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