President Bola Tinubu has signed an executive order mandating the direct remittance of oil and gas revenues to the Federation Account Allocation Committee (FAAC), in a move aimed at curbing revenue leakages and boosting government earnings.

Bayo Onanuga disclosed the development on Wednesday, saying the directive will safeguard oil and gas revenues, eliminate duplicative structures and restore constitutional allocations to federal, state and local governments.

The presidency said the order addresses revenue deductions introduced under the Petroleum Industry Act, which allowed NNPC Limited to retain 30 per cent of profit oil and gas as a management fee, 20 per cent of profits for working capital and investments, and another 30 per cent for the Frontier Exploration Fund.

Under the new order, NNPC will no longer collect the 30 per cent Frontier Exploration Fund or the 30 per cent management fee. All royalty oil, tax oil, profit oil and profit gas due to the federation must now be paid directly into the federation account from February 13, 2026.

Tinubu also suspended payments of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund, directing that proceeds be remitted to the federation account.

Ads by
The president said the reforms are urgent for national budgeting, debt sustainability and economic stability, and confirmed a comprehensive review of the PIA.

______________________________________________________________________ “Bridging Theory And Courtroom Practice” — Hagler Sunny Okorie, Nathaniel Ngozi Ikeocha Unveil ‘Functional’ Tort Law Book For Nigerian Legal System The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209. ______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626

________________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com