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The Capital Market Academics of Nigeria (CMAN) has commended President Bola Ahmed Tinubu’s decision to restore 60% of oil and gas revenues to the Federation Account, calling it a “bold and historic” move towards fiscal transparency and equity.
In a statement signed by President of CMAN, Prof. Uche Uwaleke, the organization praised the President’s correction of an imbalance that had seen the Federation Account receive only 40% of proceeds from profit oil and gas under Production Sharing Contracts (PSCs) since the implementation of the Petroleum Industry Act (PIA) in 2021.
CMAN noted that the decision would significantly boost revenues available to all tiers of government, enhancing their capacity to deliver services, generate economic activities, and boost the capital markets.
The organization also called for further reforms, particularly with regards to Joint Venture (JV) assets, which should be returned to the Federation Account.
The statement also emphasized the importance of transparency and accountability in the implementation of the Executive Order, calling for the inclusion of the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on the oversight committee.
CMAN stood firmly behind the President’s decision and called on stakeholders to support the reform agenda, advocating for policies that strengthen transparency, accountability, and fairness in the management of Nigeria’s resources.
