Nigerian Govt begins implementation of Executive Order restricting NNPCL incomes

The Nigerian authorities has commenced the implementation of Executive Order 9 connected nonstop lipid gross remittance to the Federation Account.

The announcement was made connected Monday by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who besides chairs the Implementation Committee for the Executive Order. The committee held its inaugural gathering connected February 26, 2026, to acceptable the model for reforms directed by President Bola Tinubu.

“President Tinubu has made it wide that each revenues accruing to the Federation indispensable beryllium handled transparently and successful a mode that protects nationalist funds,” Edun said.

“Our committee is committed to ensuring these directives are afloat implemented portion maintaining capitalist confidence.”

Under the reforms, the Nigerian National Petroleum Company, NNPC, Limited has been instructed to halt collecting the 30 percent absorption interest and the 30 percent frontier exploration money deductions from nett lipid and nett state nether Production Sharing Contracts, PSCs.

Remittances of state flare penalties into the Midstream and Downstream Gas Infrastructure Fund, MDGIF, person besides been suspended with contiguous effect.

On nonstop payments by contractors into the Federation Account, Edun explained, “The t...