**FG Approves Transition Period for Direct Oil Revenue Payments, Boosts Transparency** In a major move to strengthen the management of Nigeria's oil revenues, the Federal Government has approved a transition period for the implementation of direct payments by oil contractors into the Federation Account. This decision is part of the government's efforts to review the Petroleum Industry Act (PIA) and ensure that public funds are protected. The transition period, which was agreed upon by the Implementation Committee for Executive Order 9, aims to introduce a new system that will allow for direct remittance of revenues from petroleum operations into the Federation Account. This move is expected to boost transparency and accountability in the management of oil revenues, which have been a major source of revenue for the country. According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the transition period is necessary to maintain investor confidence while ensuring that the new system is implemented without disrupting existing contractual and financing arrangements in the oil sector. The committee has also approved the creation of a technical subcommittee to develop detailed guidelines for the transition period. The new system, which will see profit oil, royalty oil, and tax oil paid directly into the Federation Account, is expected to strengthen the finances of the three tiers of government. With the implementation of this policy, Nigeria is taking a step towards ensuring that its oil revenues are managed in a transparent and accountable manner. The transition period, which will last for a few weeks, is expected to be completed by the technical subcommittee. During this period, contractors will continue to remit under the current process, while the committee works on issuing clear and standardized guidelines to ensure an orderly changeover. The implementation of this policy is a major step towards ensuring that Nigeria's oil revenues are managed in a way that benefits all Nigerians. With the government's commitment to transparency and accountability, the country is poised to reap the benefits of its oil wealth in a more equitable and sustainable manner.