NaijaBuzz

Fresh Naija News • Football • Gossip • Entertainment • World Updates

After Tinubu’s Executive Order on Direct Remittance, FG Moves to Probe Past Revenue Collections

Naija News • Feb 22
After Tinubu’s Executive Order on Direct Remittance, FG Moves to Probe Past Revenue Collections
**Buhari's Successor Moves to Uncover Hidden Oil Revenues** Nigeria's President Bola Tinubu has ordered the direct payment of oil and gas revenues into the national treasury, sparking a government probe into past revenue collections. This move is expected to bring in much-needed funds to shore up the country's dwindling finances. The federal government has directed agencies involved in oil and gas revenue collection, including the Nigerian National Petroleum Company Limited (NNPC), to provide full financial records and cooperate with the review. The aim is to recover any outstanding sums that were either retained or deducted from the revenue. The NNPC and Dangote Refinery have recently renewed their strategic alliance to boost Nigeria's energy security. This partnership is crucial to the country's economic development, particularly in the face of increasing energy demands. In a bid to ensure compliance with President Tinubu's Executive Order, the Minister of State for Finance and Chairman of the Federation Account Allocation Committee (FAAC), Dr. Doris Uzoka-Anite, has written to all relevant agencies. The letter emphasizes the need for immediate cessation of deductions and off-budget retentions from petroleum revenues. The Minister's directive is based on Section 162 of the Constitution, which requires all revenues accruing to the Federation to be paid into the Federation Account without deduction. The government has also established a Sub-Federation Account to be managed by the Office of the Accountant-General of the Federation, pending distribution through FAAC. The probe into past revenue collections is expected to uncover any discrepancies and irregularities in the collection and management of oil and gas revenues. This move is seen as a step towards ensuring transparency and accountability in the country's public finances. As Nigeria's economy continues to face numerous challenges, the government's move to recover hidden revenues is a welcome development. It remains to be seen how much revenue will be recovered and how it will be utilized to address the country's development needs. **Conclusion** President Tinubu's Executive Order on direct remittance of oil and gas revenues is a significant step towards ensuring transparency and accountability in Nigeria's public finances. The ongoing probe into past revenue collections is expected to uncover any discrepancies and irregularities in the collection and management of oil and gas revenues. As the government moves to recover hidden revenues, it remains to be seen how much revenue will be recovered and how it will be utilized to address the country's development needs.
Source: Original Article. AI-enhanced version.