FG sets transition period for direct oil revenue remittance to Federation Account
The Federal Government has approved a transition period to phase in President Bola Tinubu’s new policy that mandates direct remittance of oil and gas revenues into the Federation Account. The policy stems from Executive Order 9 of 2026, which ended the Nigerian National Petroleum Company Limited’s collection of a 30 percent management fee and the 30 percent Frontier Exploration Fund from profit oil and profit gas under production sharing contracts. Under the transition plan, oil and gas contractors will continue to remit revenues through the existing NNPC linked processes while a technical committee draws up detailed guidelines for direct payments. The committee has been given a short timeline to finalise the framework for contractors to start paying royalty oil, tax oil, profit oil and profit gas directly into the Federation Account in line with the Executive Order. Officials said the […]