RMAF Chairman Applauds New Oil Revenue Remittance Order

Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), commended President Bola Ahmed Tinubu for signing an executive order that mandates the direct remittance of oil and gas revenues to the Federation Account.

This executive order is described as a bold constitutional intervention aimed at restoring transparency, eliminating revenue leakages, and strengthening the revenue base across the three tiers of government. The order, signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, reinforces the constitutional principle of ownership and control of derivable rights from mineral resources.

Shehu noted that the order addresses structural concerns within the petroleum industry, which has been plagued by multiple deductions that significantly reduce net remittances to the Federation Account. The RMAFC aims to review statutory and regulatory provisions to create opportunities for revenue retention outside the Federation Account.

The executive order is expected to enhance fiscal management and improve cash flow predictability, ultimately benefiting the Nigerian people.