PENGASSAN Rejects Tinubu’s Oil Revenue Executive Order
The Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday rejected President Bola Tinubu’s newly signed Executive Order mandating the direct remittance of oil and gas revenues to the Federation Account, describing the directive as a dangerous precedent capable of undermining the Petroleum Industry Act and eroding investor confidence in the sector. PENGASSAN […]
Oil marketers battle for customers amid petrol price cuts
Price competition among fuel marketers has intensified as SGR Filling Station in the Mowe axis of the Lagos-Ibadan Expressway reduced its petrol price to N805 per litre. Saturday PUNCH reports that SGR cut its pump price from N812 on Monday, retaining its position as the cheapest retailer in the axis. It was gathered that SGR […]
FAAC Recovers N2.36tn, $7.87m in Unremitted Revenue Arrears
The Federation Account Allocation Committee Post-Mortem Sub-Committee has recovered N2.36tn and $7.87m in outstanding revenue arrears collected by revenue-generating agencies but not remitted into the Federation Account, according to findings from the committee’s latest reconciliation released on Wednesday. The amount reconciled and paid into the Federation Account within the 12 months of 2025 exceeded the […]
PENGASSAN Defends Port Harcourt Refinery Rehabilitation Cost
The Petroleum and Natural Gas Senior Staff Association of Nigeria has stated that the controversial rehabilitation of the Port Harcourt Refinery was not a waste of public funds, insisting that the refinery could be restarted within one week if the Nigerian National Petroleum Company Limited so decides. The union also renewed calls for the adoption […]
NUPRC Remits Record N8.5tn, Tops Revenue Agencies in 2025
The Nigerian Upstream Petroleum Regulatory Commission has remitted a record N8.503tn revenue to the Federation Account jointly run by the federal, state, and local governments, between January and December 2025, The PUNCH reports. The amount represented a 17 per cent increase over the N7.265tn remitted in 2024 and emerged as the highest contribution by any […]