BY UCHECHI OKPORIE
Nigeria’s 36 state governors have publicly endorsed President Bola Tinubu’s landmark oil revenue reform, backing a restructuring that requires all oil and gas earnings to be paid directly into the nation’s central public account.
In a statement issued Monday, the Nigeria Governors’ Forum (NGF) said the reform part of a broader drive to modernize fiscal governance in Africa’s largest oil producer is critical for improving transparency, predictability and constitutional compliance in how resource revenues are managed across government levels.
The governors specifically supported Executive Order 9, signed by President Tinubu earlier this year, which aligns petroleum revenue remittance with Nigeria’s constitution by mandating that royalties, taxes and profit shares from oil and gas contracts flow directly into the Federation Account.
Previously, portions of these funds could be retained outside the central pooling arrangement, raising concerns about fiscal opacity.
NGF Chairman and Kwara State Governor AbdulRahman AbdulRazaq said the measure will enhance fiscal stability and planning for federal, state and local governments, enabling better delivery of public services such as health, education, infrastructure and security.
Analysts say the reforms are intended to tighten revenue collection, reduce bottlenecks, and increase accountability in a sector that accounts for a significant share of Nigeria’s foreign earnings.
The changes are also expected to boost investor confidence as the government works to streamline petroleum governance and strengthen fiscal federalism in Africa’s most populous country.
