Tinubu Moves To Block NNPC Oil Revenue

Tinubu Moves To Block NNPC Oil Revenue

President Bola Tinubu has directed the Nigerian National Petroleum Company Limited to remit oil taxes, royalties and profit oil directly to the appropriate authorities, stopping deductions at source.

The order, announced in Abuja by the Federal Ministry of Finance, also suspends the company’s collection of management and frontier exploration fees.

The directive followed the signing of an Executive Order last week aimed at correcting revenue flows in the oil and gas sector.

Government officials said the move is meant to align payments with constitutional rules and plug gaps that have reduced funds going into the Federation Account.

Under the new arrangement, gas flare penalties will no longer be paid into the Midstream Gas Infrastructure Fund, and the roles of the industry regulators have been clearly defined.

An inter-agency committee led by the Minister of Finance will oversee implementation to ensure compliance.

Authorities said the step became necessary due to falling oil revenue inflows despite improved production and market prices.

The government maintained that all income from mineral resources must go into the Federation Account to support public spending on key sectors such as health, education and infrastructure.