News Reports

For too long, excessive deductions, overlapping funds, and structural distortions in our oil and gas sector have weakened what should accrue to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention structures, development slows and trust erodes.

That must end.

With this Order, now officially gazetted, all Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and other government entitlements under Production Sharing and related contracts will be paid directly into the Federation Account.

The additional 30 percent management fee and the 30 percent Frontier Exploration deduction will no longer stand between Nigeria and its lawful revenues.

This is about transparency, accountability, and full constitutional compliance.

As we strengthen security, invest in education, expand healthcare, stabilise our economy, and advance our energy transition, every legitimate naira due to the Federation must be protected.

NNPC Limited will operate strictly as a commercial enterprise, as intended by law. The era of duplicative deductions and fragmented oversight is over.

We will also undertake a comprehensive review of the Petroleum Industry Act to correct structural and fiscal anomalies. I have also approved the establishment of an Implementation Committee to oversee and ensure the effective, coordinated implementation of the executive order.

Nigeria can no longer afford leakage where there should be leadership.

We are safeguarding the Federation Account.

We are strengthening our budget.

We are acting in the national interest.

This was my promise to Nigerians when I asked for this job.