Following President Bola Tinubu’s Executive Order mandating the direct remittance of all oil and gas revenues into the Federation Account without direct deductions, the federal government has commenced moves to investigate past revenue collections and recover any outstanding sums.
It was gathered that the federal government had directed agencies, including the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), among others, to provide full financial records and cooperate with the upcoming review.
This comes as NNPC Limited and Dangote Refinery have renewed their strategic alliance to enhance Nigeria’s energy security.
According to a document signed by the Minister of State for Finance and Chairman of the Federation Account Allocation Committee (FAAC), Dr. Doris Uzoka-Anite, which was sighted on Saturday , the minister reminded the agencies of the federal government’s directive to cease deductions and off-budget retentions from petroleum revenues immediately.
