Abuja — Tension dey rise for Nigeria oil sector as stakeholders react to Executive Order 09 wey President Bola Ahmed Tinubu sign to mandate full remittance of oil revenues to federation account.
The order cancel two major revenue streams wey NNPCL bin dey retain — the 30% management fee on profit oil and gas, plus the Frontier Exploration Fund. E also redirect gas flaring penalties and other incomes straight to federation account.
Federal Government say the move fit inject about N14 trillion into federation purse and boost transparency. But inside the industry, debate don hot, especially as some stakeholders say the order clash with parts of the Petroleum Industry Act (PIA) 2021.
Mixed Reactions From Industry Players
President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, don urge Tinubu to withdraw the order, warning say e fit weaken investor confidence and undermine the PIA framework.
READ ALSO: CSOs Shock As Tinubu Sign New Electoral Act Sharp-Sharp
But Professor Wumi Iledare, petroleum economist, disagree with the union stance, though he admit say some parts of the directive intersect with existing PIA provisions.
Energy expert Tim Okon and PETROAN President Billy Gillis-Harry advise say if government wan truly amend the PIA, the proper constitutional route na through the National Assembly of Nigeria, not executive order.
According to dem, law amendment suppose pass through legislative process to avoid legal conflict and policy uncertainty.
Presidency Stands Ground
Presidential spokesman Bayo Onanuga defend the move, insisting say Executive Order 09 aligns with the Nigerian Constitution and aims to strengthen accountability in the oil sector.
Meanwhile, controversy still surround alleged N210 trillion unaccounted funds flagged in NNPCL audited statements from 2017–2023 — issue wey Senate Public Accounts Committee, chaired by Senator Aliyu Wadada, don raise since last year.
As stakeholders continue to debate the legality and economic impact, many observers say the next big move now depend on whether the presidency go transmit formal amendment bill to the National Assembly.
The oil sector — backbone of Nigeria economy — dey watch closely.