Amanze Chinonye
The Federal Ministry of Finance has announced the commencement of the implementation of Executive Order 9 of 2026, aimed at safeguarding petroleum revenues and strengthening the management of oil and gas income accruing to the Federation, Prime Business Africa Reports.
At its inaugural meeting held on February 26, 2026, the Implementation Committee set up pursuant to the Executive Order reaffirmed President Tinubu’s directive that all revenues from petroleum operations must be handled in line with constitutional provisions and in a manner that protects funds due to the Federation and supports fiscal stability across the three tiers of government.
A key resolution from the meeting directs NNPC Limited to immediately cease the collection of the 30 per cent management fee and the 30 per cent frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs).
Join our WhatsApp ChannelIn addition, the committee ordered the immediate suspension of remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF), in line with provisions of the Executive Order.
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On the contentious issue of direct payments by contractors into the Federation Account as provided under Section 2, Sub-section 3 of the Order, the committee said the transition would be handled cautiously to respect existing contractual and financing arrangements and preserve investor confidence.
It approved a defined transition period for the operationalisation of direct remittance of profit oil, royalty oil, and tax oil into the Federation Account. Contractors are to continue remitting under the current arrangement pending the issuance of detailed guidelines.
To facilitate the process, the committee established a Technical Subcommittee tasked with developing comprehensive transition guidelines within three weeks and commencing a review of the Petroleum Industry Act to address structural and fiscal anomalies affecting Federation revenues.
The Technical Subcommittee will be led by the Special Adviser to the President on Energy and will include the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice; the Chairman of the Nigeria Revenue Service; the Chairman of the Forum of Commissioners of Finance; and representatives of the Minister of State for Petroleum Resources (Oil). The Budget Office of the Federation will serve as secretariat.
Chairman of the Implementation Committee and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in the statement, said the committee would continue to provide coordinated guidance and timely updates as implementation progresses.
He commended stakeholders for their cooperation, noting that the reforms are intended to ensure that Nigeria’s petroleum resources deliver measurable benefits to citizens across the Federation.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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