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.
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com
The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations
Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
Eereporter.com
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
Eereporter.com
In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.
NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
Eereporter.com
He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements
Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”
He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.
“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.
At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.
According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.
“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said
He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.
“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.
He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.
“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.
While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.
EFCC
He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.
In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.
The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com
-
Crime1 year agoKogi Assembly Considers Law To Regulate Rent, Establish Control Board: Tenancy Law
-
News2 years agoAtiku Reveals Why He Failed To Pick Wike As Running Mate In 2023
-
Akwa Ibom2 years agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
Crime2 years agoFederal High Court Jails 2 For Vandalizing Transformer, Telecom Mast In Kogi
-
News2 years agoThe Apostolic Church Gets New National President, Executive
-
Akwa Ibom2 years agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News2 years agoSenator Natasha Returns To Senate With Husband Amid Seat Dispute
-
Economy1 year agoKiyosaki: Is Tinubu’s Government Afraid Of Ibrahim Traore?