Chai! Na serious gbege dey for oil and gas matter o! President Bola Tinubu don sign executive order wey go change how we dey manage oil money for Niger. Dis new order go make sure say all the oil and gas revenue dey go straight to the Federation Account, no wahala! Dis one na big move to stop all the leakages wey don dey happen for this oil matter.
According to di talk wey come out from Bayo Onanuga, wey be Tinubu special adviser for information and strategy, dis executive order don officially enter gazette after Tinubu sign am, and e dey follow Section 5 of di 1999 Constitution wey don change. Dis order dey aimed to safeguard oil revenue, reduce wasted spending, and stop people from duplicating structures wey dey cause confusion for di oil sector.
As e be, before now, NNPC dey chop up to 30 percent of di oil revenue as management fee. Dem dey call am Profit Oil and Profit Gas, but now, dem don change dat one. NNPC no go fit collect dat fee again; instead, all dis money go dey transferred to di Federation Account direct! Na so dem go fit restore di constitutional entitlements wey federal, state, and local governments suppose get, wey dem don remove during di Petroleum Industry Act (PIA) for 2021. This new order go help, because di PIA dey make dem lose plenty money through deductions and other charge wey plenty no even sabi about.
Under di previous arrangement, NNPC go still dey retain another 20 percent of di profits for future investments and day-to-day operations. But Tinubu don dey waxy about how dis arrangement no dey justified anymore. Dem even claim say di money wey dey come out of dis arrangement dey large pass what dey happen for international standard, and e dey cause dem to lose over two-thirds of wetin suppose enter di Federation Account. Na wetin cause dis problem be say dem need to tighten up di laws and how dem dey manage di oil money to fit get beta result for di country.
As part of dis reform, NNPC go also stop dey collect and manage beta portion wey dem dey call Frontier Exploration Fund. All dis money wey dey under production sharing, profit sharing, and risk service contracts, na im go dey go Federation Account. Dis na serious matter because dis funds been dey offload plenty money wey fit solve issues like security, education, and healthcare for di country.
Plus, dem suspends di gas flare penalty wey dey go Midstream and Downstream Gas Infrastructure Fund. All di penalties now go dey enter di Federation Account directly, so dat dem fit use di money for better things wey go benefit our people. Dem no forget to talk say dem go make sure all dis expenditure dey follow dem proper public procurement laws and policies. Dis na quickly required reform wey go fit help uplift di welfare of citizens.
The Presidency don make am clear say e go set implementation committee wey go dey in charge to oversee di entire plan. Di committee go get prominent members like di Minister of Finance, di Attorney-General, and heads of oda relevant bodies. Tinubu don confirm say dis reform dey urgent, because e get peak implications for national budgeting and overall economic stability. Na so e go shape di future of Niger for di better. Na wetin dem dey plan be dat, plus dem go involve stakeholders for comprehensive review of di Petroleum Industry Act. Na correct move, if dem fit do am right!
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