NEITI Supports FG's Direct Remittance of Oil Revenues

The Nigeria Extractive Industries Transparency Initiative (NEITI) has defended the federal government's recent executive order issued by President Bola Tinubu on February 13, 2026, which mandates the direct remittance of oil and gas revenues to the federal account. NEITI's Executive Secretary, Musa Adar, described this development as a bold step towards fiscal reform, aimed at enhancing financial transparency and curbing wasteful expenditures.

The executive order requires operators in the oil and gas sector to remit royalties, taxes, and profits directly to the federal account, aligning with Section 162 of Nigeria's Constitution. NEITI has been exercising oversight for the past 20 years, recommending that revenues accruable to the government be paid into the federal account.

A special report published by NEITI in 2017 revealed that $20 billion in revenues had not been remitted, contributing to the government's fiscal challenges. Adar noted that the president's directive is a significant milestone in implementing the Extractive Industries Transparency Initiative (EITI) in Nigeria.