Executive order on oil revenue: Stakeholders offer opinion as tension grips NNPCL

Energy experts and petroleum retailers person advised President Bola Ahmed Tinubu connected the adjacent people of enactment pursuing the issuance of Executive Order 09, which mandates the remittance of lipid revenues to the federation account.

DAILY POST reports that the President, done a connection issued past Wednesday by his spokesman, Bayo Onanuga, announced the enforcement order, a determination that has unsettled Nigeria’s lipid sector.

The bid discontinues 2 gross streams antecedently retained by the Nigerian National Petroleum Company Limited— the 30 percent absorption interest connected nett lipid and gas, arsenic good arsenic the Frontier Exploration Fund.

It besides redirects state flaring penalties and different income sources of the state-owned lipid steadfast to the federation account.

According to the Federal Government, the Executive Order is expected to adhd astir N14 trillion to the federation relationship portion improving transparency wrong the nationalist lipid company.

However, the improvement has sparked statement among stakeholders successful the lipid and state industry, peculiarly implicit its implications for the Petroleum Industry Act (PIA) 2021. The determination has besides reportedly created uncertainty wrong the enactment of the NNPCL regarding its aboriginal operations.

Last week, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, called connected President Tin...