NEITI Backs Tinubu's Order for Direct Oil Revenue Remittances

The Nigeria Extractive Industries Transparency Initiative (NEITI) has defended President Bola Tinubu's recent executive order issued on February 13, 2026, which mandates direct remittances of oil and gas revenues to the Federation Account. This order aims to safeguard and enhance oil and gas revenues while curbing wastage and reducing leakages.

NEITI's Executive Secretary, Musa Adar, described this development as a bold step towards fiscal reform and improving financial transparency. He emphasized that the president's directive aligns with Section 162 of Nigeria's Constitution and NEITI's oversight responsibilities established over the past 20 years.

NEITI's special report from 2017 highlighted that $20 billion in revenues due to the Federation had not been remitted, contributing to fiscal challenges. Adar noted that the directive marks a significant milestone in implementing the Extractive Industries Transparency Initiative (EITI) in Nigeria and called for amendments to the Petroleum Industry Act (PIA) to reflect current realities.