KEY POINTS
- Nwosu commended Tinubu’s order requiring NNPC revenues to be paid into the Federation Account before spending.
- He said the reform will improve transparency, accountability, and public trust in oil revenue management.
- He noted that proper implementation could strengthen economic planning and fiscal coordination nationwide.
Ugwumba Uche Nwosu has praised President Bola Ahmed Tinubu for approving a new directive requiring the Nigerian National Petroleum Company Limited, NNPC, to remit its revenues directly into the Federation Account before any funds are disbursed back to the company.
In a statement issued in Abuja, the former Imo State governorship candidate described the policy as a decisive fiscal reform capable of improving transparency and accountability in Nigeria’s oil and gas sector. According to him, Nigerians have long demanded clearer insight into how petroleum revenues are managed, and the directive introduces a structure that allows proper scrutiny and institutional oversight.
Nwosu, who previously served as Chief of Staff to former governor Rochas Okorocha, said the measure would help curb longstanding concerns about revenue remittances and financial management within the petroleum industry.
He noted that routing earnings through the Federation Account first would enable citizens and oversight bodies to accurately track national oil income, thereby strengthening public trust and aligning Nigeria with global standards of public financial management.
President’s Decision Reflects Political Will
He added that the president’s decision reflects political will and a reform-driven approach to governance. In his view, such a move signals a commitment to institutional strengthening and fiscal discipline, especially in sectors historically associated with opacity.
Nwosu also emphasized that effective implementation would have broader economic benefits. He said improved transparency in oil revenue reporting could enhance macroeconomic planning, support more reliable revenue projections, and strengthen fiscal relations among federal, state, and local governments.
He urged the administration to sustain reforms aimed at improving governance and accountability across key sectors, stressing that consistent policy direction would position Nigeria for stronger economic stability and public confidence in government institutions.
