FG Defends Executive Order on Oil Revenue Remittances

The Federal Government of Nigeria, under President Bola Ahmed Tinubu, has defended the executive order concerning the remittance of oil and gas revenue to the federal account. This defense follows comments from Tanimu Yakubu, Director General of the Budget Office, who suggested that the order could lead to job losses and misrepresents the reality of fiscal management.

The government clarified that the executive order does not create new laws but reinforces existing constitutional provisions, specifically Section 80(1) of the 1999 Constitution (as amended), which mandates that revenue generated must be paid into the Consolidated Revenue Fund. The order aims to ensure direct remittances of petroleum revenue, including royalties and taxes, to enhance transparency and accountability in revenue collection.

The government urged any contestation of the order's constitutionality to be pursued through appropriate judicial channels, asserting its commitment to uphold constitutional supremacy and strengthen fiscal integrity.