Energy experts and petroleum retailers have weighed in on President Bola Ahmed Tinubu’s Executive Order 09, which mandates the direct remittance of all oil and gas revenues into the Federation Account, calling for careful implementation and legislative follow-up.
The order, announced last Wednesday through a statement by presidential spokesman Bayo Onanuga, eliminates two major revenue streams previously retained by the Nigerian National Petroleum Company Limited (NNPCL): the 30% management fee on profit oil and gas, and allocations to the Frontier Exploration Fund. It also redirects gas flaring penalties and other income sources to the Federation Account.
The Federal Government estimates the directive could add approximately ₦14 trillion to the Federation Account while enhancing transparency and accountability within the national oil company.
However, the move has generated intense debate within the oil and gas sector, particularly regarding its compatibility with the Petroleum Industry Act (PIA) 2021. It has also reportedly created uncertainty within NNPCL’s leadership about future operations and financial autonomy.
PENGASSAN President Festus Osifo urged President Tinubu to withdraw the executive order, warning that it could undermine the PIA framework and erode investor confidence in the sector.
Energy expert and Professor Emeritus of Petroleum Economics Wumi Iledare disagreed with PENGASSAN’s position, arguing that the union’s advocacy was misdirected. He acknowledged that certain aspects of the order intersect with PIA provisions but maintained that the broader objective of revenue transparency aligns with national interest.
In exclusive interviews on Monday, February 24, 2026, energy expert and Managing Partner of TENO Energy Resources Limited, Tim Okon, and President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, advised the President to pursue legislative amendment of the PIA as the next logical step.
Dr. Okon stated: “If the purpose is to amend a law, laws are amended by proposing it to the National Assembly. So, I think the preferred route to amending any law is to go to the National Assembly and have it amended. It’s just a better approach to let the National Assembly amend laws rather than do executive orders.
The National Assembly makes laws, drafts them, and amends them. So, the route to making changes in the PIA is essentially to take it to the National Assembly and make the amendment.”
Gillis-Harry described the executive order as a necessary preliminary step toward legislative reform: “This is one of the steps. The executive orders will catalyze the process of getting to the point where some very critical and inimical contents of the PIA must be expunged and repaired through the National Assembly.
I am happy about it. Every day I think about Executive Order 9. I am happy because clearly it shows that this president is now realizing what is wrong with Nigeria.”
He referenced persistent allegations of unremitted and missing oil revenues, noting that publicly available information highlights the scale of financial losses over the years.
“If you Google ‘stolen money’ or ‘missing money in Nigeria,’ you will be shocked at how many billions and trillions are mentioned—specific amounts that were not remitted,” he said.
Reports says that NNPCL’s leadership, under Group Chief Executive Bayo Ojulari, is yet to fully account for ₦210 trillion flagged as unaccounted funds in audited financial statements from 2017 to 2023—an issue previously raised by the Senate Committee on Public Accounts chaired by Senator Aliyu Wadada.
Stakeholders continue to call for transparency, legislative clarity, and stakeholder engagement to ensure the executive order achieves its intended objectives without disrupting sector stability or investor confidence.
