Chairman of the Forum of State Commissioners for Finance, Akintunde Oyebode, says there is nothing wrong with the directive of President Bola Tinubu on oil revenue remittance.
Oyebode stated this on Tuesday on Arise Television’s ‘Morning Show’.
DAILY POST had reported that President Tinubu signed an Executive Order, EO, to safeguard and enhance oil and gas revenues for the Federation.
The Order is also to curb wasteful spending, eliminate duplicative structures in the sector and redirect resources for the benefit of the Nigerian people.
Speaking on the development, Oyebode said, “I don’t see any negatives with Tinubu’s directive.
“The oil and gas industry in this country has seen significant upside in the last two years. We’re talking $10 billion of new investments, including Bonga, Bonga North, which has gone through Fund for Innovation in Development.
“I think it’s a great time for the industry as a whole. Presidential directives, some codified as part of the National Tax Act, have been significant, including shortened contracting periods.
“The overall macro environment, with increased foreign exchange liquidity and growth stability, improves the investor environment. I don’t see any negative impact on the investment climate.”