Chief Uche Nwosu, a prominent leader of the All Progressives Congress (APC), has commended President Bola Tinubu for signing an executive order directing that all revenues from the Nigerian National Petroleum Company Limited (NNPC) be remitted directly into the Federation Account before any funds are returned to the national oil company.

Nwosu, a former Chief of Staff to ex-Imo State Governor Rochas Okorocha, described the order as “a bold and necessary fiscal reform that will deepen transparency and strengthen accountability in Nigeria’s oil and gas sector.”

Speaking from Abuja, he emphasized that the directive is “a great innovation. For years, Nigerians have demanded greater clarity in the management of petroleum revenues. By ensuring NNPC earnings first go into the Federation Account, the President has created a framework for proper scrutiny and institutional oversight.”

He added that the move will allow Nigerians to know precisely how much the country earns from its oil resources, reinforcing public trust and aligning with global best practices in public financial management.

According to Nwosu, the action reflects President Tinubu’s reform-oriented leadership and commitment to strengthening institutions while promoting fiscal discipline.

The executive order also suspends the collection of management and frontier exploration fees by NNPC. Taxes, royalties, and profit oil under Production Sharing Contracts are now mandated to go directly to the appropriate fiscal authorities, effectively blocking deductions at source, the Federal Ministry of Finance explained.

Nwosu further noted that the directive, if effectively implemented, will improve macroeconomic planning, strengthen intergovernmental fiscal relations, and enhance revenue projections. “This is commendable. I encourage Mr. President to continue on this path of transparency and institutional strengthening. Nigeria stands to benefit greatly from such decisive actions,” he concluded.