Governors Endorse Pres.Tinubu’s Order on Direct Oil Revenue Remittances

The Nigeria Governors’ Forum has formally endorsed President Bola Tinubu’s Executive Order directing the direct remittance of oil revenues into the Federation Account. The endorsement followed high-level deliberations among state governors aimed at strengthening fiscal accountability.

Governors described the directive as a major reform step designed to eliminate revenue leakages and ensure transparency in the management of crude oil proceeds. By mandating direct remittances, the administration seeks to streamline revenue flows and improve the accuracy of federal allocations.

Under the order, agencies responsible for oil revenue collection are required to pay proceeds directly into the constitutionally recognized Federation Account. Analysts believe this could enhance clarity in revenue reporting and improve fiscal planning across all tiers of government.

Members of the forum expressed optimism that the policy would promote equity in revenue distribution and reinforce cooperative federalism. They stressed the importance of strict compliance by all relevant institutions to guarantee the effectiveness of the reform.

Economic observers say the unified backing from governors sends a strong signal of political alignment on fiscal reforms, potentially boosting investor confidence and strengthening Nigeria’s public finance management framework.