Odimmegwa Johnpeter/Abuja
On February 26, 2026, the Implementation Committee for Executive Order 9 of 2026 held its inaugural meeting. This meeting was held in pursuance of Executive Order 9 of 2026, issued by President Bola Ahmed Tinubu, to safeguard Federal revenues and strengthen the management of petroleum revenue flows. This was contained in a statement signed by Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy/Chairman of the Implementation Committee.
The statement reads in part: “The Committee reaffirmed the President’s directive that revenues accruing to the Federation from petroleum operations must be handled in a manner that upholds constitutional principles, protects revenues accruable to the Federation, and supports the fiscal stability of all three tiers of government.
“In line with the President’s directive, NNPC Limited shall cease, with immediate effect, the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs). Additionally, all remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended with immediate effect, in line with the Executive Order.
“With respect to Section 2, Sub-section 3 of the Executive Order on direct payments by contractors into the Federation Account, the Committee agreed that this transition must be implemented in a manner that respects existing contractual and financing arrangements, and maintains investor confidence. For this reason, the Committee approved a defined transition period for the operationalisation of direct payments by contractors of profit oil, royalty oil, and tax oil into the Federation Account. Until the Committee issues detailed guidelines, contractors will continue to remit under the current process. During the transition period, the Committee will issue clear, standardised guidance to ensure an orderly changeover.
“To this end, the Committee approved the establishment of a Technical Subcommittee to:
(i) develop the detailed guidelines for the transition to direct remittance within three (3) weeks, and (ii) commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken 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, and the Chairman of the Forum of Commissioners of Finance, representatives of the Minister of State Petroleum Resources, Oil, with secretarial support from the Budget Office of the Federation.
“The Committee will continue to provide coordinated guidance and timely updates as implementation progresses. It commends the cooperation of all stakeholders in advancing the President’s efforts to ensure that Nigeria’s petroleum resources deliver tangible, measurable benefits to citizens across the Federation, ” it also added.
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