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Tag: Oil Revenue

featured Oil and Gas

Govs endorse Tinubu’s direct oil revenue remittance to FAAC

The 36 state governors, under the aegis of the Nigeria Governors’ Forum, have thrown their weight behind President Bola Tinubu’s reforms requiring oil and gas revenue entitlements to be remitted directly into the Federation Account. In a statement on Monday by NGF’s Director of Media & Strategic Communications, Yunusa Tanko Abdullahi, the Forum described the […]

FAAC funds to FG, states hit 7-year high in 2023
Oil and Gas

FG begins direct oil revenue remittance to FAAC

The Federal Government has begun implementing Executive Order 9 of 2026, requiring the direct remittance of oil revenues to the Federation Account Allocation Committee. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this in a statement released on Monday. He outlined the main decisions from the recent meeting. The action […]

Cut corporate tax to 7.5%, NACCIMA urges Tinubu
featured Oil and Gas

Tinubu signals major overhaul of PIA with oil revenue order

President Bola Tinubu has signalled a broader overhaul of Nigeria’s petroleum governance framework following his executive order mandating direct remittance of oil and gas revenues into the Federation Account. According to The PUNCH, presidency sources confirm that beyond the immediate fiscal reset, preparations are underway for a comprehensive review of the Petroleum Industry Act to […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
featured

Oil revenue grows 83%, hits N8.5tn – Report

Nigeria’s revenue from crude oil increased by 83.23 per cent to N8.54 trillion during the reviewed quarter. The total amount of crude oil sold in the third quarter of 2022 was N4.66 trillion. The Punch reported that Nigeria’s foreign trade increased to N 18.80tn in the third quarter of 2023, up 53.16 per cent year […]

Oil revenue drops by 36% in May, says CBN
featured

Oil revenue drops by 36% in May, says CBN

  In May 2023, the Federal Government’s oil revenue target saw a significant drop from N804 billion to N223 billion, marking a substantial 72 percent reduction in federal earnings, as per statistics from the Central Bank of Nigeria’s Monthly Economic Report for May 2023. According to the report; “oil revenue at N223bn for May was […]

Why Nigeria must save oil revenues - IMF
Economy

Why Nigeria must save oil revenues – IMF

The International Monetary Fund has urged the Nigerian government to save up on oil revenues as fears of a global food shock rise. The IMF made this know on Wednesday, at the 2022 IMF/World Bank meetings held in Washington DC, United States. This is coming after recent revenue challenges in the country despite the boom […]

FG to end fuel subsidy in 2023 - Minister
Oil and Gas

Oil theft threatens Nigeria’s N9tn revenue – FG

The Federal Government has blamed pipeline vandalism, crude oil theft and high petrol subsidy cost, as it risks missing its N9.37tn oil and gas revenue target for the year. This was disclosed in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget and National Planning, Dr […]

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