Nigeria is stepping up efforts to put its financial house in order, as Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has clarified a new executive directive that changes how government revenues are handled, while also confirming that the Nigerian National Petroleum Company (NNPC) is currently undergoing close financial scrutiny.<\/p>\n\n\n\n
Speaking on the sidelines of the G-24 Technical Group Meeting, Edun explained that the federal government has introduced a policy requiring certain statutory deductions to be paid directly into the Federation Account. The move, he said, is aimed at eliminating long-standing revenue leakages by removing intermediaries in the remittance process and ensuring that funds due to the federation are fully and promptly accounted for. By streamlining how government agencies and state-owned enterprises remit revenue, the directive is expected to improve transparency and give policymakers a clearer picture of available resources for planning and budgeting, while reducing reliance on borrowing.<\/p>\n\n\n\n
The minister also disclosed that a forensic audit of NNPC is currently underway. He noted that the exercise is not routine, but a comprehensive review mandated by the Federation Account Allocation Committee (FAAC) to strengthen oversight of the country\u2019s most critical revenue-generating institution. \u201cIt is an ongoing forensic audit of NNPC as mandated by FAAC. That is ongoing,\u201d Edun said, underscoring the government\u2019s resolve to thoroughly examine the operations and finances of the oil and gas sector.<\/p>\n\n\n\n
These developments come at a time when Nigeria is intensifying reforms to boost transparency, reassure citizens and investors about the integrity of public finances, and strengthen domestic revenue mobilisation. Officials believe that tighter controls, clearer revenue flows, and improved governance will help stabilise the economy, support the naira, and lay the foundation for more sustainable growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
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