The Arewa Think Tank has commended President Bola Ahmed Tinubu over what it described as a significant improvement in revenue remittances by the Nigerian National Petroleum Company Limited (NNPCL), saying the development reflects the impact of reforms introduced by the administration in the oil and gas sector.
The group, in a statement signed by its convener, Muhammad Alhaji Yakubu, said the reported $15.33 billion remittance to the Federation Account under the Tinubu administration represents a major development in Nigeria's petroleum revenue management.
According to the group, the figure, if fully validated by relevant government agencies, compares favourably with remittances attributed to previous administrations and demonstrates improved capacity by NNPCL to contribute directly to the Federation Account.
Arewa Think Tank said the reported increase should be considered within the broader reforms undertaken by the Tinubu administration, particularly the removal of petrol subsidy and efforts to make NNPCL operate on a more commercial footing.
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"This is a remarkable development in Nigeria's fiscal history. The figures being reported point to a significant improvement in the capacity of the national oil company to contribute directly to the Federation Account," the group said.
It noted that the President inherited a petroleum sector facing significant structural challenges but chose to confront some of them despite the political difficulties involved.
The group argued that subsidy reform, improved monitoring of crude production and sales, as well as efforts to strengthen transparency in petroleum-sector revenues, could reduce leakages and improve government income.
"The removal of subsidy was painful for Nigerians, but the government's argument has always been that the old system was fiscally unsustainable. What matters now is whether the savings and additional revenues are transparently channelled into national development," it said.
Arewa Think Tank also praised the transformation of the former Nigerian National Petroleum Corporation into NNPCL, saying its commercialisation could change how Nigeria manages its most important revenue-generating asset.
The group, however, called for independent verification of the $15.33 billion figure, noting that petroleum revenue accounting involves crude proceeds, taxes, royalties, dividends, deductions and other transfers.
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It also noted that disputes and reconciliation efforts involving NNPCL remittances to the Federation Account have continued. In February 2025, states and NNPCL were involved in a dispute over outstanding remittances estimated at about N1.7 trillion, while the Federal Government disclosed in 2026 that a forensic audit of NNPCL proceeds was ongoing.
