FG begins Executive Order 9 on oil revenue remittance to FAAC

The Federal Government has commenced the implementation of Executive Order 9 of 2026, mandating the nonstop remittance of lipid revenues into the Federation Account Allocation Committee (FAAC).

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this successful a connection issued connected Monday pursuing the inaugural gathering of the implementation committee established to enforce the order.

The determination follows a directive by President Bola Tinubu requiring that revenues accruing from petroleum operations beryllium managed strictly successful enactment with law provisions to support funds owed to the 3 tiers of government.

Edun said the committee reaffirmed the President’s directive, stressing that gross absorption indispensable safeguard allocations meant for federal, authorities and section governments.

“In enactment with the President’s directive, NNPC Limited shall cease, with contiguous effect, the postulation of the 30 per cent absorption interest and the 30 per cent frontier exploration money deductions from nett lipid and nett state nether Production Sharing Contracts,” the connection said.

It added that remittances of state flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) person besides been suspended with contiguous e...