Abeg, gather here make I yarn wetin dey happen for oil sector! President Bola Tinubu don drop big wahala for NNPC, dem don suspend all dis management and frontier exploration fees wey dem dey collect before.
This na part of beta Executive Order wey sabi guy Tinubu sign to make sure say oil and gas revenue dey enter Nigerian Federation Account no be any wahala again. E no dey play o! Na im Assistant Director of Information and Public Relations for Finance Ministry, Uloma Amadi, come announce am on Wednesday.
Inside dis new order, NNPC no go fit collect dem fees again, plus dem go stop any gas flare penalties wey dem dey deposit for Midstream Gas Infrastructure Fund. E get as e be, dem dey try make everything clear between dem regulatory bodies wey dey manage oil and gas. You sabi say dem even create inter-agency committee wey go handle all dis changes? Na Finance Minister dey lead dem.
Ministry talk say dis orders dey important well-well because e go help improve revenue wey dey supposed flow into the Federation Account. You fit imagine say, even with improvements wey dey for oil production, money no dey enter well as e suppose be. Na wetin dem dey call revenue leakages, and Tinubu no wan hear word for dis matter again.
Na one way wey dem dey try handle di issues be say, di 1999 Constitution of Nigeria dey talk am clear, say all mineral resources wey dey the country belong to di Federation, and all di money wey dem dey make from am suppose enter Federation Account.
As we dey talk now, dis Executive Order don take effect sharp-sharp as e no be joke! Government don talk say this one na interim measure until dem fit change di law to fit the new rules. E be like say Tinubu dey serious as he dey try tighten things up for better oil revenue management.
Dem even don release figures show say NNPC don chop N318.05bn from January to August 2025 for frontier oil exploration. Na 30% of how dem dey calculate Production Sharing Contract profits, dey automatically dey set aside for exploration every month. Una fit imagine say dis kind deduct dey happen every month. Na wah!
No be only that, di Director-General of di Budget Office talk say Nigeria don lose almost 60% of di oil revenue because of all dis deductions wey dey happen under the Petroleum Industry Act wey dey exist. Tinubu don dey push for adjustments to recover some of dat money, and him don give di Economic Management Team task to come with beta ways wey go help matter.
Na serious matter wey dey ground for oil and gas sector. E dey clear say if dem no fit manage am well, Nigeria go dey suffer. So, make we dey watch how dis Executive Order go change di narrative for di oil sector and how money go dey flow as e dey supposed be for di country!
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