By Seun Ibiyemi
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN)Executive order: Tinubu direct oil, gas revenue remittance to federation account has described the Federal Government’s Executive Order No. 9 as a reform-driven measure that will strengthen accountability and enhance investor confidence in Nigeria’s energy sector.
National President of PETROAN, Dr Billy Gillis-Harry, gave the commendation on Saturday while reacting to the new directive signed by Bola Tinubu.
Gillis-Harry said the order, which compels Nigerian National Petroleum Company Limited (NNPC Ltd.) to remit revenues directly to the Federation Account, aligns with global best practices and reinforces the company’s transition into a commercially disciplined entity.
Reports indicate that President Tinubu signed Executive Order No. 9 of 2026 on February 13 to strengthen fiscal discipline and promote transparency in Nigeria’s oil and gas revenue management.
The Executive Order mandates that all oil and gas revenues due to the Federation including royalty oil, tax oil, profit oil, and profit gas be paid directly into the Federation Account. It also suspends certain revenue retention mechanisms under the Petroleum Industry Act (PIA) 2021, such as the 30 per cent Frontier Exploration Fund and the 30 per cent NNPC Ltd. management fee on profit oil and profit gas. In addition, gas flare penalties are to be redirected to the Federation Account.
Gillis-Harry stressed that transparent revenue management is critical to improving Nigeria’s PENGASSAN rejects Tinubu’s Executive Order on NNPC remittanceseconomic credibility and attracting both local and foreign investors.
He described the Executive Order as a courageous decision that deepens reforms and strengthens accountability within the oil and gas industry.
The PETROAN president also commended the Group Chief Executive Officer of NNPC Ltd., Mr Bayo Ojulari, for efforts to revive the Port Harcourt Refinery, particularly during a recent inspection engagement with a Chinese technical firm.
He endorsed the proposal to adopt the governance structure of Nigeria Liquefied Natural Gas Limited (NLNG) for the Port Harcourt Refinery, noting that the NLNG Bonny model has proven effective in promoting operational efficiency, transparency, and private-sector discipline.
According to him, replicating a commercially driven governance framework similar to that of NLNG would enhance the long-term productivity and global competitiveness of Nigeria’s refineries.
Such reforms, he added, would strengthen energy security, reduce dependence on fuel imports, and position the downstream sector for sustainable growth.
Gillis-Harry reaffirmed PETROAN’s readiness to collaborate with the Federal Government and relevant regulatory institutions to ensure that the Executive Order promotes energy security, safeguards jobs, and delivers long-term stability in the sector.
