Tinubu Ends NNPCL Oil Revenue Deductions, Orders Full FAAC Remittance

President Bola Ahmed Tinubu has signed a sweeping executive order mandating the direct remittance of all oil and gas revenues into the Federation Account Allocation Committee (Federation Account Allocation Committee), in what is regarded as one of the most significant fiscal reforms since the enactment of the Petroleum Industry Act (PIA).

The directive, announced by presidential spokesperson Bayo Onanuga, requires that all proceeds from royalty oil, tax oil, profit oil, and profit gas be paid in full into the federation account without deductions, before statutory distribution to the federal, state, and local governments.

A central element of the order strips Nigerian National Petroleum Company Limited (NNPCL) of its long-standing 30 per cent management fee on profit oil and profit gas, a deduction that has repeatedly drawn criticism for significantly reducing funds available for sharing among the three tiers of government. The presidency said the practice undermined constitutional revenue entitlements and weakened public finances.

In addition, the president directed that the 30 per cent Frontier Exploration Fund created under the PIA will no longer be retained or managed by NNPCL. Instead, all funds previously set aside under the arrangement will now flow directly into the federation account for FAAC distribution, altering the financing structure for frontier basin exploration activities.

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The executive order also affects the handling of gas flare penalties. Payments into the Midstream and Downstream Gas Infrastructure Fund have been suspended, with all proceeds from gas flaring penalties now to be paid directly into the federation account. Officials said existing environmental remediation frameworks already cover such obligations, making the additional fund unnecessary.

According to the presidency, the reforms are aimed at blocking overlapping deductions, including management fees and profit retentions, which collectively divert more than two-thirds of potential oil and gas revenues before they reach FAAC. President Tinubu warned that shrinking net oil revenues pose serious risks to national budgeting, debt sustainability, and overall economic stability.

The president emphasised that the new framework will reposition NNPCL strictly as a commercially driven national oil company, removing quasi-fiscal responsibilities while strengthening transparency, accountability, and oversight in Nigeria’s oil and gas revenue management.

To ensure effective implementation, Tinubu approved the establishment of an inter-ministerial committee comprising senior officials from the economic management team, justice sector, and relevant regulatory agencies. The committee is expected to coordinate legal, financial, and operational steps required for immediate compliance.

The president also signalled plans for a broader review of the Petroleum Industry Act, indicating that further amendments may be pursued to address structural and fiscal concerns raised by stakeholders, particularly state governments.

With oil and gas revenues remaining central to Nigeria’s fiscal health, the executive order represents a decisive move to tighten revenue flows, strengthen FAAC allocations, and reinforce fiscal federalism across the country.

Tinubu Ends NNPCL Oil Revenue Deductions, Orders Full FAAC Remittance

BREAKING: Tinubu Assents to 2026 Electoral Act, Sets Stage for 2027 Elections

President Bola Ahmed Tinubu has signed the 2026 Electoral Act Amendment into law, setting the legal framework for Nigeria’s 2027 general elections.

The signing ceremony took place on Wednesday at the Presidential Villa in Abuja, with Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas in attendance.

The new law, formally known as the 2026 Electoral Act (Amendment) Bill, was recently harmonised and passed by both chambers of the National Assembly amid debate and opposition from minority lawmakers.

The legislative process leading to the signing saw intense deliberations in both the Senate and the House of Representatives. Lawmakers constituted a joint conference committee to reconcile differences between their respective versions of the bill before transmitting the harmonised document to the President for assent. Earlier, Senate President Akpabio had indicated during an emergency plenary session that the President was expected to sign the amended bill before the end of February. That projection materialised within days.

One of the most significant changes introduced by the 2026 Electoral Act is the reduction of the mandatory notice period for general elections from 360 days to 300 days. Lawmakers explained that the adjustment is intended to give the Independent National Electoral Commission (INEC) greater operational flexibility in planning and conducting elections without breaching statutory timelines.

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The issue of electronic transmission of election results generated considerable debate throughout the amendment process. Under the new law, electronic transmission is permitted, while manual collation remains legally recognised, particularly in areas where technical or connectivity challenges arise. INEC retains the authority to issue detailed regulations and guidelines governing how results are transmitted and managed. Supporters argue the compromise reflects operational realities, while critics maintain that the changes may weaken transparency safeguards introduced in previous reforms.

Beyond these headline issues, the amended Act also makes adjustments to party primary timelines, candidate nomination processes, and collation procedures. It includes technical corrections across multiple clauses to improve clarity, reduce ambiguities, and strengthen administrative consistency ahead of the 2027 polls.

With presidential assent now secured, the 2026 Electoral Act becomes the binding legal framework governing presidential, National Assembly, governorship, and state House of Assembly elections. INEC is expected to review and align its regulations and operational guidelines with the new provisions as preparations intensify for the 2027 general elections.

The signing marks a pivotal moment in Nigeria’s democratic process, with political parties, civil society groups, and voters closely watching how the revised electoral framework will shape the next election cycle.

BREAKING: Tinubu Assents to 2026 Electoral Act, Sets Stage for 2027 Elections

Korope Drivers Shut Down Lekki–Epe Expressway Over Lagos Ban (Video)

LAGOS, Nigeria — Tension erupted on Tuesday along the Lekki–Epe Expressway as commercial mini-bus operators, popularly called korope drivers, staged a protest against a state-imposed ban on their operations along the corridor. The demonstration, which occurred during peak hours around the Ajah axis, caused vehicular movement to nearly grind to a halt, leaving hundreds of commuters stranded and triggering heavy traffic gridlock across adjoining routes. Eyewitnesses reported that drivers parked their buses across the carriageway, chanting and demanding the immediate reversal of the restriction.

Security operatives were deployed to restore order, and traffic flow gradually resumed after several hours of disruption.

Some of the protesting drivers said the ban threatens their primary source of income, as the Lekki–Epe corridor has historically been one of the most profitable routes for informal transport operators. “We have families to feed. You cannot just wake up and push us off the road without providing an alternative,” one driver told reporters. The operators called on the government to reconsider the policy or integrate them into the new transport structure rather than exclude them entirely.

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The Lagos State Government, however, defended the restriction, describing the protest as unlawful and disruptive to public order. Authorities explained that the Lekki–Epe Expressway has been designated as a Mass Transit and Regulated Transport Corridor under the state’s Bus Reform Initiative, aimed at modernizing public transport, improving safety, and reducing traffic chaos caused by unregulated operations.

According to Sola Giwa, Special Adviser to the Governor on Transportation, consultations were held with transport stakeholders before enforcement, and the transition was not sudden. Small vehicles such as korope buses are now expected to operate on feeder and community routes under the state’s First and Last Mile transport strategy, while high- and medium-capacity buses serve the main corridor.

The ongoing transport reform seeks to replace informal minibuses on major highways with structured, regulated services featuring larger buses and digital ticketing systems. Government officials argue that this will enhance commuter safety, improve traffic flow, and boost economic productivity along one of Lagos’ fastest-growing corridors.

Critics, however, note that informal transport remains a backbone of daily commuting for thousands of residents. Abrupt enforcement without adequate absorption of displaced drivers could exacerbate economic hardship for affected operators.

Many commuters expressed frustration over the disruption caused by the protest but also sympathized with the drivers. “It’s difficult for us because we rely on these buses every day,” said a commuter stranded at Ajah. “The government and the drivers need to find a middle ground.”

As of press time, authorities had restored calm, but the incident underscores the growing tensions between informal transport operators and the Lagos State Government’s efforts to formalize the transport system.

Korope Drivers Shut Down Lekki–Epe Expressway Over Lagos Ban

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Korope Drivers Shut Down Lekki–Epe Expressway Over Lagos Ban (Video)