$15.33bn remittance claim: Arewa Think Tank backs Tinubu’s oil reforms

The Arewa Think Tank has commended President Bola Ahmed Tinubu over reported improvements in remittances by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account, saying the development could signal progress in the ongoing reforms of the petroleum sector.

The group, in a statement, said figures circulating in the public space showed that NNPCL had remitted about $15.33 billion to the Federation Account under the Tinubu administration.

It, however, said the figure should be independently verified by the relevant government agencies, noting that petroleum revenue accounting involves crude oil proceeds, taxes, royalties, dividends, deductions and other transfers.

Arewa Think Tank said if validated, the reported remittance would represent a significant development in the management of Nigeria’s petroleum revenues and could reflect the impact of efforts to make NNPCL operate on a more commercial basis.

The group also linked the development to broader reforms in the sector, including the removal of petrol subsidy, improved monitoring of crude production and sales, and efforts to strengthen transparency in petroleum revenue management.

“President Tinubu inherited a petroleum sector facing enormous structural challenges. His administration chose to confront some of those challenges directly, even when the decisions were politically difficult,” the group said.

It said the transformation of the former Nigerian National Petroleum Corporation into NNPCL had created an opportunity for the national oil company to operate with greater commercial discipline and measurable performance.

“NNPCL must no longer be seen simply as an agency of government. It has to operate with commercial discipline, accountability and measurable performance,” it said.

The group acknowledged concerns surrounding revenue remittances, noting that there had been disputes over outstanding payments and ongoing efforts to reconcile NNPCL-related accounts.

It therefore urged the government to make revenue figures and supporting documentation available for public scrutiny, stressing that transparency would strengthen public confidence in the reforms.

Arewa Think Tank said increased petroleum revenue would only be meaningful if it translated into improvements in infrastructure, education, healthcare, security, employment and other areas affecting citizens.

“Revenue is only meaningful when it improves the lives of citizens. The ultimate test of these reforms will be what Nigerians can see and feel in their communities,” it said.

The group urged the Tinubu administration to sustain the reforms while ensuring that all revenues due to the Federation are properly accounted for.

It said where measurable progress was established, such developments should be acknowledged, irrespective of political differences, while calling for continued accountability in the management of the country’s petroleum resources.