FG begins work on direct remittance of oil revenues

Verheijen disclosed that the Technical Subcommittee of the Implementation Committee held its inaugural meeting on March 6, 2026, marking the beginning of work to operationalise the directive.

According to her, the subcommittee has been given a clear mandate to deliver two priority outcomes related to the management of revenues from Nigeria’s petroleum resources.

“The Implementation Committee’s Technical Subcommittee, which I lead, held its inaugural meeting on Friday, March 6, 2026,” she said.

She explained that the committee will develop guidelines to ensure the seamless direct remittance of profit oil, royalty oil and tax oil into the Federation Account.

“We have a clear mandate; to deliver two priority outcomes: develop guidelines for the seamless direct remittance of profit oil, royalty oil and tax oil into the Federation Account, and commence a targeted review of the Petroleum Industry Act to address structural and fiscal anomalies that weaken Federation revenues,” Verheijen stated.

The subcommittee will also begin a review of the Petroleum Industry Act to identify and address structural and fiscal issues affecting the flow of revenues to the federation.

She said the committee would engage stakeholders across the oil and gas industry as implementation progresses.

“Over the coming weeks, we will engage stakeholders, issue clear guidance and provide regular updates as implementation progresses,” she added.

Verheijen noted that the process would be guided by the need to protect existing contracts and maintain investor confidence while ensuring greater value from Nigeria’s petroleum resources.