The Federal Government, FG, has commenced implementation of the Oil and Gas Revenues Executive Order 09.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosing this in a statement yesterday said a Technical Committee has been set up to ensure payment of the affected revenues into the Federation Account, in compliance with the provisions of the Order.
He disclosed that the Implementation Committee of the Executive Order held its inaugural meeting on February 26, 2026. According to him, “The 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.
The statement added, “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).”
