FG Probes Past Oil Revenue Collections After Tinubu's Order

Following President Bola Tinubu's Executive Order mandating the direct remittance of oil and gas revenues to the federal account without deductions, the Federal Government of Nigeria is moving to investigate past revenue collections. This initiative involves agencies including the Nigerian National Petroleum Company (NNPC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Dr. Dori Uzoka, the Minister of State for Finance, emphasized the need for agencies to cease off-budget retention of petroleum revenues immediately.

The investigation will cover three major areas: the Frontier Exploration Fund, the Midstream and Downstream Gas Infrastructure Fund, and the assessment of profit oil and gas revenues. The audit aims to ensure compliance with the Executive Order and the constitutional requirement for revenues accruing to the federation to be paid directly into the federal account without deductions.