The Federal Government of Nigeria has commenced the implementation of the Oil and Gas Revenues Executive Order 09, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Edun revealed that a Technical Committee has been elished to ensure that affected revenues are paid directly into the Federation Account, in line with the provisions of the Executive Order. The Implementation Committee held its inaugural meeting on February 26, 2026, to operationalise the directives.
“The meeting was held in pursuance of Executive Order 9 of 2026, issued by President Bola Tinubu, to safeguard Federal revenues and strengthen the management of petroleum revenue flows,” Edun said.
The Committee confirmed that the NNPC Limited will immediately cease collection of the 30 percent management fee and the 30 percent frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts. In addition, remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund have been suspended.
To ensure a smooth transition to direct payments by contractors into the Federation Account, the Committee approved a defined transition period, respecting existing contracts and financing arrangements while maintaining investor confidence. Detailed guidelines will be issued during this period to standardise procedures and ensure orderly implementation.
A Technical Subcommittee, led by the Special Adviser to the President on Energy, has been set up to develop detailed guidelines within three weeks and review the Petroleum Industry Act to address fiscal and structural anomalies that affect Federation revenues. Key members include the Solicitor-General of the Federation, Permanent Secretary of the Federal Ministry of Justice, the Chairman of the Nigeria Revenue Service, and the Forum of Commissioners of Finance, with support from the Budget Office of the Federation.
Edun emphasised that the Executive Order aims to ensure Nigeria’s petroleum resources deliver tangible and measurable benefits to citizens across the Federation, while maintaining fiscal ility and transparency.
You May Like
Leave a comment