Arewa Think Tank has praised President Bola Tinubu for what it sees as a major improvement in revenue remittances from the Nigerian National Petroleum Company Limited.
The group said the NNPCL has remitted $15.33 billion to the Federation Account under the current administration. It described the amount as a notable development in how the country manages its petroleum revenue, especially when compared to previous periods.
The think tank linked the rise to reforms introduced by the Tinubu administration, particularly the removal of fuel subsidy and moves to run the national oil company on more commercial terms. It noted that the President inherited a sector with deep structural problems and took difficult decisions to address them.
While welcoming the reported remittance, the group stressed the need for independent verification. It pointed out that petroleum revenue accounting is complex, involving crude sales, taxes, royalties, and other transfers, and that disputes over remittances have continued in recent times.
