Expert Supports Oil Revenue Reform For Economic Stability

The Chief Executive Officer of 11 Plc, Mr Tunji Oyebanji, has expressed support for the Federal Government’s directive mandating the direct remittance of oil and gas revenues from Nigerian National Petroleum Company Ltd. (NNPCL) into the Federation Account.

Oyebanji, in an interview with the News Agency of Nigeria (NAN) at the weekend in Lagos, described the move as a step toward transparency, fiscal discipline and strengthened public finances.

NAN reports that on Feb. 18, President Bola Tinubu signed an executive order directing that all oil and gas revenues due to the Federation be paid directly into the Federation Account, as part of broader efforts to curb leakages, eliminate duplications and optimise national revenue.

Addressing the development, Oyebanji acknowledged the fiscal pressures confronting government, noting that the reform rereflected necessary effort to strengthen revenue inflows and ensure resources are available for national priorities.

“I understand that the Federal Government is working to strengthen revenue generation and block leakages in order to meet critical expenditure obligations,” he said.

While endorsing the reform’s objectives, Oyebanji emphasised the importance of ensuring smooth implementation so that NNPCL continued to meet its commercial and operational responsibilities effectively.

“There is a need for careful execution to ensure operational efficiency is preserved. We must understand the cash-flow requirements of NNPCL so that its commercial operations continue seamlessly,” he said.

He noted that under Nigeria’s petroleum governance framework, NNPCL is expected to operate competitively, meet contractual obligations, finance capital investments and function with private-sector efficiency.

According to him, ensuring clarity in operational funding mechanisms will help the company sustain performance while aligning with the government’s transparency and accountability goals.

He added that efficient implementation procedures would prevent delays in infrastructure repairs, investments and financial commitments, thereby supporting the company’s transition into a fully commercial enterprise.

Oyebanji said the reform underscored government’s commitment to strengthening public finance management while safeguarding the operational resilience of the nation’s strategic energy institution.

He noted that with proper coordination and stakeholder engagement, the directive would enhance accountability, improve revenue flows to the three tiers of government and support national development priorities.