The federation account has received a 100 percent of profit oil from production sharing contracts (PSCs) from the Nigerian National Petroleum Company (NNPC) Limited in February.
This is according to data and figures obtained from the February oil and gas revenue distribution statistics from the federation account allocation committee (FAAC).
The NNPC data shows that barely 40% of PSC profit oil was given to the federation in January.
President Bola Tinubu’s Executive Order 9, which mandates that government oil earnings be transferred directly into the federation account, is being implemented, as seen by the February number, which shows full remittance.
The president signed Executive Order 9 on February 18 to reorganise the framework for oil revenue remittances.
ALSO RECOMMENDED: Tinubu Names GTB Co-Founder, Fola Adeola Head of New Petroleum Reform Taskforce
Royalty oil, tax oil, profit oil, profit gas, and other government entitlements had to be paid straight into the federation account, according to the policy.
Prior to the directive, the Petroleum Industry Act (PIA) allowed NNPC to keep roughly 30% of PCS profit oil. Additionally, it kept an extra thirty percent of the management charge.
The implementation of EO9 effectively terminated NNPC’s powers to deduct oil and gas revenues.
Join Our Social Media Channels:
