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Nigeria to Channel All Oil Proceeds to Boost Federal Finances

OilPrice · Tsvetana Paraskova · last updated
Nigeria is now channeling all proceeds from oil and gas production to a single federal account as it aims to strengthen the central government budget and ensure a more effective distribution of income, Nigerian President Bola Ahmed Tinubu has said. The oil industry has been Nigeria’s main budget income for decades.  However, overlapping funds have not allowed a fair and transparent revenue collection and subsequent distribution of the money to fund healthcare, education, and stabilize the economy, the president said in an X post.    …
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