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Nigeria takes steps to plug oil revenue leaks, finance minister says - REUTERS
(Reuters) – Nigeria has begun enforcing a presidential executive order to plug revenue leaks, requiring state oil company NNPC and other agencies to deposit revenue to federal government accounts without deducting costs or fees, Finance Minister Wale Edun said on Tuesday.
Edun said a committee he chairs has stopped NNPC Ltd from taking a 30% management fee, with the funds now paid directly to the government.
The committee will issue clearer guidelines to ensure smooth, transparent remittance of all revenues due to all tiers of governments, without “extraneous deductions”.
