President Bola Ahmed Tinubu has signed an govt order directing that every one oil and fuel revenues because of the federation be paid straight into the federation account.
The directive, introduced by Bayo Onanuga, presidential spokesman is aimed toward blocking income leakages, simplifying remittance constructions, and making certain full constitutional allocations to the federal, state and native governments.
Based on the presidency, the order revises income retention preparations launched beneath the Petroleum Trade Act, which allowed NNPC Restricted to withhold parts of revenue oil and fuel earnings for administration charges, working capital, investments and the Frontier Exploration Fund.
Beneath the brand new coverage, NNPC will not retain the 30 per cent beforehand put aside for the Frontier Exploration Fund or the 30 per cent administration payment.
All royalty oil, tax oil, revenue oil and revenue fuel accruing to the federation should now be remitted in full to the federation account, efficient February 13, 2026.
The President additionally suspended the remittance of fuel flare penalties to the Midstream and Downstream Gasoline Infrastructure Fund, directing that such proceeds be paid into the federation account as a substitute.
Tinubu described the measures as essential to bettering fiscal self-discipline, strengthening price range efficiency, enhancing debt sustainability and stabilising the broader financial system.
He added {that a} broader assessment of the Petroleum Trade Act is underway to mirror present {economic} priorities and nationwide improvement objectives.