Tag: Crude oil revenue

PENGASSAN faults Executive Order on oil revenue

Aminu Imam
PENGASSAN faults Tinubu

…Says Tinubu ill-advised The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has faulted the Executive Order signed by President Bola Tinubu, targeted at promoting gas production in Nigeria.  Recall that Tinubu signed the Executive Order, titled: ‘The Upstream Petroleum Operations Cost-Efficiency Incentives Order (2025)’, on Thursday.  However, at a press conference in Abuja, PENGASSAN president, Festus Osifo, argued that the tax incentives granted to oil companies by the President may not help in the reduction of cost if insecurity is not addressed. “The Executive Order signed by…

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Senate uncovers missing $303bn from crude oil revenue

Aminu Imam
Senate on missing $303bn

The 10th Senate has uncovered significant financial irregularities in the country’s crude oil sector, revealing that about $303 billion may have been siphoned from both domestic and international crude transactions. The probe was led by Senator Ned Nwoko, who chaired the committee and presented the preliminary findings to the Senate on Wednesday in Abuja. According to the report, a forensic audit of domestic crude proceeds and tax oil returns exposed unaccounted funds, mismatches, and discrepancies totaling $22 billion. Further investigations revealed a shortfall of $81 billion between figures reported by…

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