Economy
President Tinubu Orders NNPC To Remit Oil Taxes, Royalties Directly
President Tinubu Orders NNPC To Remit Oil Taxes, Royalties Directly
President Tinubu orders NNPC to remit oil taxes, royalties directly. President Bola Tinubu has suspended the collection of management and frontier exploration fees by the Nigerian National Petroleum Company Limited as part of a sweeping Executive Order aimed at safeguarding oil and gas revenues due to the Federation.
The directive, announced in a statement on Wednesday by the Assistant Director of Information and Public Relations at the Federal Ministry of Finance, Uloma Amadi, also orders the direct remittance of taxes, royalties, and profit oil under Production Sharing Contracts to the appropriate fiscal authorities, effectively blocking deductions at source.
According to the ministry, the President signed the Executive Order last week to realign oil and gas revenue flows with constitutional provisions and address revenue leakages that have weakened inflows into the Federation Account.
The statement read, “Last week, His Excellency President Bola Tinubu signed an Executive Order aimed at realigning oil and gas revenue flows with constitutional requirements. The Order seeks to strengthen fiscal transparency, clarify regulatory mandates, and enhance revenues accruing to the Federation from the oil and gas sector.”
The new order suspends NNPC’s collection of management and frontier exploration fees, halts payments of gas flare penalties into the Midstream Gas Infrastructure Fund, and clarifies the delineation of responsibilities between the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
It also establishes an inter-agency implementation committee, chaired by the Minister of Finance and Coordinating Minister for the Economy, to ensure seamless execution.
The ministry explained that the action reinforces provisions of the 1999 Constitution of the Federal Republic of Nigeria, which vests ownership of mineral resources in the Federation and mandates that all revenues derived from them be paid into the Federation Account.
“The Executive Order reinforces the provisions of the 1999 Constitution of the Federal Republic of Nigeria, which vest ownership of mineral resources in the Federation and require that all revenues derived from those resources be paid into the Federation Account for appropriation in accordance with established constitutional and statutory rules,” the statement said.
It added that the order specifically addresses fiscal and structural arrangements introduced under the Petroleum Industry Act 2021 that have resulted in off-budget allocations and deductions from Federation revenues.
The government said the measure had become urgent in view of declining oil and gas revenue inflows into the Federation Account despite improvements in production and favourable market conditions.
“The Order has become both necessary and urgent considering the sustained decline in oil and gas revenue inflows into the Federation Account, despite improvements in production levels and favourable market conditions.
“This shortfall has constrained the government’s capacity to meet budgetary obligations and to finance critical public investments in education, healthcare, and infrastructure,” the ministry stated.
The ministry stressed that the oil and gas sector must operate in a way that delivers transparent, constitutionally compliant revenue flows.
“The fundamental purpose of the nation’s oil and gas sector, including the national oil company, is to convert hydrocarbon resources into sustainable revenues, investment, and economic activity that benefit the broader economy. Achieving this objective requires revenue flows that are transparent, constitutionally compliant, and fully accounted for,” it said.
The statement noted that the reforms come at a time of rising domestic fiscal pressures and heightened global competition for energy capital.
“At the same time, global energy markets are becoming more competitive and capital is increasingly selective. In such an environment, Nigeria cannot afford inefficiencies in the management of its most strategic economic asset,” the ministry added.
The Executive Order takes immediate effect and is described as an interim corrective measure pending legislative amendments to entrench the reforms in statute.
“Collectively, these measures represent another significant step toward strengthening fiscal discipline, safeguarding revenue integrity, and ensuring that Nigeria’s natural resources deliver tangible value to citizens, investors, and the economy,” the statement said.
The move signals a tightening of federal oversight of oil revenue administration and could reshape cash flow structures within the sector, particularly regarding NNPC’s cost recovery and funding mechanisms under the Petroleum Industry Act.
The PUNCH earlier in September 2025 reported that the Nigerian National Petroleum Company Limited received N318.05bn between January and August 2025 for frontier oil exploration.
NNPC To Remit Oil Taxes
This was according to documents from the September 2025 Federation Account Allocation Committee meeting obtained by The PUNCH.
The deductions represent 30 per cent of Production Sharing Contract profits, which are automatically set aside each month for exploration in inland basins.
The same 30 per cent rule also applied to NNPC’s management fees, which mirrored the frontier deductions exactly.
The Director-General of the Budget Office of the Federation, Tanimu Yakubu, earlier said Nigeria had lost nearly 60 per cent of its gross oil revenue to deductions under the Petroleum Industry Act 2022, which allocates 30 per cent to the NNPC as management fees and another 30 per cent to the Frontier Exploration Fund.
Yakubu said he had begun moves in the National Assembly to amend the PIA to recover part of the lost revenue.
Tinubu earlier called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act.
He tasked the Economic Management Team, chaired by the Minister of Finance, Wale Edun, to present actionable recommendations to the FEC on the optimal way forward.
EFCC Arraigns Former SKye Bank Chairman, Tunde Ayeni For N15.6b Fraud
The Economic and Financial Crimes Commission, EFCC, on Monday, May 4, 2026, arraigned a former Chairman, Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni before Justice Jude Onwuzuruike of the Federal Capital Territory, FCT, High Court, Apo, Abuja.
Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds to the tune N15,665,085,429 (Fifteen Billion, Six hundred and Sixty five Million, Eighty five thousand, Four Hundred and Twenty-nine Naira (N15,665,085,429).
Prosecution counsel E.E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and prosecution ready for trial.
“We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant”, he said.
Eereporter.com
Count three of the charge reads: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st of October, 2014 and 19th November, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of Three billion, Two hundred and One million, Five Hundred and Thirty Five Thousand, Four Hundred and Twenty Nine Naira, Forty two kobo(N3,201,535,429.42) by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in Violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Count five of the charge reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about 27th November, 2014, at Abuja within the Jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Billion, Seventy Eight million, Five hundred and Fifty thousand Naira(N5, 078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”
Fraud
Ayeni pleaded “not guilty” to the charges when they were read to him.
In view of his “not guilty” plea, Iheanacho prayed the court for a trial date and urged the court to remand the defendant in a Correctional Centre.
Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charge was given to the defendant on a public holiday adding that he considered it imperative to inform the court. He also prayed the court to release the defendant to him or return him to the custody of the EFCC.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application, while the defendant was remanded at the Kuje Correctional Centre pending determination of bail application.
Economy
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
The Federal Government has called for stronger collaboration among the media, government institutions, and other stakeholders to address the growing threat of disinformation and misinformation, stressing that collective action is essential to protect public trust and national stability. The Honourable Minister of Information and National Orientation, Mohammed Idris, made this known on Monday in Abuja at the 2026 World Press Freedom Day commemoration held at Radio House.
“This administration has prioritised collaboration with media stakeholders and international partners to promote responsible journalism, counter disinformation and misinformation,” said the Minister.
He described press freedom as a fundamental right guaranteed under the Constitution, noting that the Federal Government remains fully committed to its protection. “The Federal Government fully recognises press freedom as a fundamental right and remains committed to fostering an environment where the media can operate freely, safely, and responsibly, in accordance with democratic principles and the rule of law,” he stated.
Idris noted that the Federal Government, under the leadership of President Bola Ahmed Tinubu, has taken deliberate steps to strengthen transparency and access to information through sustained media engagement, implementation of the Freedom of Information Act, and investment in public communication platforms.
Eereporter.com
He further pointed to Nigeria’s partnership with UNESCO in establishing the International Media and Information Literacy Institute (IMILI) in Abuja as a key step towards building a more informed and discerning public. “This pioneering initiative reflects our commitment to strengthening media and information literacy, empowering citizens to engage with information critically, and promoting responsible communication in the digital age.”
The Minister urged journalists to uphold professionalism, fairness, and ethical standards in their work, stressing that press freedom must go hand in hand with responsibility. “The true test of press freedom lies not in our declarations, but in our actions, how safely journalists can do their work, how truthfully information is shared, and how responsibly it is consumed,” he said.
Earlier in her welcome address, the Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. Binyerem Ukaire, described the event as a critical platform for strengthening collaboration across institutions.
“This gathering reflects our shared commitment to strengthening press freedom and fostering a more informed and inclusive society. It provides an opportunity for constructive engagement on how best to advance a media environment that is both free and responsible,” she said.
World Press Freedom Day
Ukaire emphasised the need for coordinated responses to the challenges posed by the evolving information ecosystem, particularly the spread of misinformation. “The expansion of digital platforms has introduced new complexities that require coordinated institutional responses, especially in addressing misinformation and strengthening public trust,” she noted.
She added that the Ministry remains committed to facilitating dialogue, strengthening partnerships, and promoting professionalism within the media space.
The Federal Government reiterated its commitment to working with the media, civil society, and international partners to build a resilient information system that supports democratic governance, national unity, and sustainable development.
The event was attended by the Inspector General of Police, represented by FPRO, DCP Anthony Okon Placid, mni, mnipr; the Director-General of the Department of State Services, represented by Director of Protocol M. O. Chukwuka, fsi; Executive Secretary, Nigerian Press Council, Dr Dilli Ezughah; Head of UNESCO Abuja Office, represented by the Head of Communication and Information Sector, Ms Yachat Nuhu.
Rabiu Ibrahim
Special Assistant (Media) to the Honourable Minister of Information and National Orientation
Monday, May 4, 2026
NNPC, Chinese Firms Sign MoU Towards Restart, Expansion Of Warri, Port Harcourt Refineries
The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.
The MoU was signed by the Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari; Chairman, Sanjiang Chemical Company, Guan Jianzhong and Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
Eereporter.com
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.
The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs.
Speaking shortly after signing the dotted lines, the GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari, described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Ojulari noted.
NNPC
The GCEO further stated that the MoU is a significant step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
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