Former Chief of Staff to a former Imo State Governor, Ugwumba Uche Nwosu, has commended President Bola Ahmed Tinubu for signing an executive bill directing that revenues from the Nigerian National Petroleum Company Limited (NNPC) be paid directly into the Federation Account before any disbursement is made back to the national oil company.
In a statement made available to newsmen, in Abuja, Nwosu described the directive as “a bold and necessary fiscal reform that will deepen transparency and strengthen accountability in Nigeria’s oil and gas sector.”
“For years, Nigerians have demanded greater clarity in the management of petroleum revenues. By ensuring that NNPC earnings first go into the Federation Account, the President has created a framework that allows proper scrutiny and institutional oversight.” He said
Nwosu added that the move would help curb excesses and address longstanding concerns surrounding revenue remittances.
“This decision will enable Nigerians to know exactly how much the country is earning from its oil resources. It reinforces public trust and aligns with global best practices in public financial management,” he stated.
According to him, President Tinubu’s action reflects courage and reform-oriented leadership.
“Having the courage to take this decision shows that the President is committed to doing things differently.
It signals a clear intention to strengthen our institutions and promote fiscal discipline,” Nwosu said.
He further emphasized that effective implementation of the directive would enhance macroeconomic planning, improve revenue projections, and strengthen intergovernmental fiscal relations among the three tiers of government.
Nwosu urged the administration to sustain the momentum of reforms aimed at improving governance and accountability in critical sectors of the economy.
“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 added.
