BREAKING NEWS
Tinubu Orders Direct Remittance of Oil and Gas Revenues to Federation Account
President Bola Tinubu has signed an executive order (EO) mandating that all oil and gas revenues be remitted directly to the Federation Account, in a move aimed at curbing waste, eliminating duplicative structures, and protecting national resources.
The EO, grounded in Sections 5 and 44(3) of the Constitution, restores revenue entitlements of the federal, state, and local governments that were curtailed by the 2021 Petroleum Industry Act (PIA). Under the current PIA framework, NNPC Limited retains up to 30% of profit oil and profit gas as a management fee, 20% of profits for working capital, and another 30% for the Frontier Exploration Fund—arrangements the government says are excessive and divert critical revenues.
“The additional 30% management fee is unjustified, given existing profit retention already covers NNPC’s operational needs,” the statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, noted.
Key Measures
NNPC Limited will no longer collect the 30% Frontier Exploration Fund or the 30% management fee.
All operators under production sharing contracts must remit Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and related dues directly to the Federation Account from February 13, 2026.
Payments of gas flaring penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended; proceeds will now go directly to the Federation Account.
NNPC Limited will transition strictly to a commercial operator role, reducing conflicts from its dual functions as regulator and operator.
Oversight and Implementation
President Tinubu established an Implementation Committee to ensure compliance, including the Ministers of Finance, Budget, and State Petroleum Resources, the Attorney-General of the Federation, the Chairman of the Nigerian Revenue Service, and other key officials. A joint project team will coordinate integrated petroleum operations between upstream and midstream activities.
The President emphasized that the reforms are vital for national budgeting, debt sustainability, economic stability, and improving Nigerians’ welfare. He also announced a comprehensive review of the PIA to address fiscal and structural anomalies.
“The Executive Order is a decisive step to eliminate leakages, enhance transparency, and ensure Nigeria’s oil and gas revenues directly benefit the people,” the statement concluded.
President Bola Ahmed Tinubu has signed the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026 into law, marking a major development in Nigeria’s electoral legal framework.
The signing follows the passage of the bill by the National Assembly on Tuesday after months of legislative deliberations and debates over key provisions.
Details of the new law and its implications for Nigeria’s electoral process are expected to emerge in the coming hours.
More details shortly
Saudi Arabia has officially declared Wednesday, February 18, 2026, as the first day of Ramadan, marking the beginning of the Islamic year 1447 AH fasting period.
The announcement was made Tuesday after the Supreme Court of Saudi Arabia confirmed that the crescent moon had been sighted by authorized committees across the Kingdom, in line with Islamic tradition for determining the start of the holy month.
With the confirmation, Muslims in the country will begin fasting at dawn on Wednesday, observing the ninth month of the Islamic lunar calendar through prayer, reflection, charity, and communal worship.
Authorities have finalized arrangements to support worshippers throughout the period, including preparations at mosques for nightly Taraweeh prayers and adjustments to working hours in both public and private sectors to accommodate the Ramadan schedule.
Ramadan is regarded as one of the most sacred periods in Islam, during which adult Muslims fast daily from dawn until sunset as part of spiritual discipline and devotion.
The government of Benue State has confirmed the rescue of nine worshippers abducted during a midnight vigil at Saint John Catholic Church in Ojije, Utonkon community, within Ado Local Government Area.
In a statement issued by his Technical Adviser on Media, Publicity and Strategic Communication, Solomon Iorpev, Governor Hyacinth Alia commended security agencies for what he described as a swift and effective operation that secured the victims’ freedom. He called the rescue a “significant breakthrough” and assured residents that security forces would continue working with local vigilante groups to prevent further attacks.
The governor also urged residents to share timely information with authorities to help track criminals and improve security across affected communities.
The abduction occurred last Sunday when gunmen stormed the church during a vigil, causing panic among residents. A former councillor representing Ukwuenyo Ward, Emmanuel Udah, described the incident as a targeted attack and said the community had been left traumatised by recurring assaults.
Earlier, police spokesperson Udeme Edet confirmed the kidnapping and said the Commissioner of Police, Ifeanyi Emenari, deployed tactical teams alongside local vigilantes to locate the victims. Investigations into the incident are ongoing.
Following the attack and other security concerns in Benue South, the governor convened a high-level security meeting on February 13, 2026, at the palace of the Och’Idoma in Otukpo, bringing together traditional rulers and top security officials to coordinate response strategies.