President Tinubu Bans Management Fee Deductions in Bold Reform Move.
According to a report by the Punch on Thursday, February 26, 2026, President Bola Ahmed Tinubu has issued an executive order stopping the deduction of management fees and Frontier Exploration Fund contributions by the Nigerian National Petroleum Company Limited before remitting revenues to the Federation Account. The directive effectively blocks about N2.1tn retained by the national oil firm between 2022 and 2025. The order mandates that all oil and gas revenues be paid into the Federation Account in full, in line with constitutional provisions, before any operational expenses are considered. Data submitted to the Federation Account Allocation Committee show that NNPC received N20.739bn from such deductions in 2022, N695.9bn in 2023, N452.6bn in 2024, and N906.91bn in 2025. The figures reflect sharp year-on-year fluctuations, with 2023 recording a dramatic increase over 2022, followed by a dip in 2024 and another surge in 2025. Monthly records across the period also reveale...