Edun signals PIA review as Tinubu’s executive order 9 takes effect.

The Nigerian government is tightening its grip on petroleum revenues, with Minister of Finance Wale Edun signaling a possible review of the Petroleum Industry Act (PIA) to implement President Bola Tinubu's Executive Order 9. This order aims to ensure revenues from petroleum operations are handled transparently and in line with constitutional principles, protecting federation revenues and supporting fiscal stability.

Key changes include:

 • Immediate Suspension: NNPC Limited will stop collecting 30% management fees and 30% frontier exploration fund deductions from profit oil and gas under Production Sharing Contracts (PSCs).

 • Direct Remittance: Contractors will remit profit oil, royalty oil, and tax oil directly into the federation account, respecting existing contracts and financing arrangements.

  • Review of PIA: A technical subcommittee will review the PIA to address structural and fiscal anomalies weakening federation revenues.

The goal is to enhance transparency, predictability, and constitutional alignment in revenue allocation, benefiting Nigeria's citizens.


Comments

Post a Comment

Popular posts from this blog

Grok Ends Free Plan for Video Creations — Creators React

Image
In a move that’s shaking up the AI creator space, Grok—developed by xAI—has reportedly ended free access to its video creation features. What was once an exciting playground for creators experimenting with AI-generated videos is now shifting toward a paid model, leaving many users frustrated, surprised, and scrambling for alternatives. For months, Grok attracted digital creators with its powerful ability to generate engaging videos quickly. From short-form social content to storytelling visuals, it became a go-to tool—especially for those who couldn’t afford premium software. But now, that door appears to be closing. Why This Matters The removal of free video creation hits hardest for small creators, students, and emerging digital entrepreneurs who rely on cost-free tools to build content and grow their audience. With AI video becoming a major trend in 2026, accessibility is everything—and this move could widen the gap between big creators and beginners. What Users Are Saying Across pl...
Read more>>

AFRICA FUTURE LEADERS CONTEST(AFLC) 2026.

Image
AFRICA FUTURE LEADERS CONTEST(AFLC)  2026 . 1. Contest Brief Africa continent has the best  brains and natural resources on earth but one problem yet unsolved has critically limited the worldviews of all its people and businesses. It is one singular problem that gives birth to nearly all humongous problems confronting African people and businesses.  This is the problem: poor leadership. The need for a new invention of an effective solutions to this agelong and highly repressive problem is what gives birth to Africa Future Leaders Contest(AFLC) 2026. 2. The Organiser   ABL INTERNATIONAL LIMITED is a Nigerian company whose services involve social media management and real estate activities. Our ultimate goal is: to raise 20million billionares by year 2050 and create excess jobs for all our youths. Our mission is: to support all persons and businesses at achieving their own set goals and dreams . ALFC 2026 is part of our strategies to raise  new crops of great ...
Read more>>

BREAKING: Anthony Joshua Involved In Road Crash In Nigeria. Two Lives Lost.

Image
  British Nigerian boxer and former heavyweight champion,  Anthony Joshua   was involved in a road accident on Monday 29th December along the Lagos-Ibadan expressway, Ogun State, Nigeria  Gbenga Omotosho, Lagos commissioner for information, said the crash occurred around the Shagamu interchange area of the highway. He added that the Lagos state government promptly deployed an ambulance to the scene. The Lexus SUV in which the British Nigerian boxer was said to have crashed into a stationary truck parked by the roadside. Two people driving with him in the car died on the spot according to eye witness. AJ was said to have survived with minor injuries.
Read more>>