Yemisi Izuora
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has
commended Bola Ahmed Tinubu for signing Executive Order No. 9 of 2026 aimed at strengthening fiscal discipline and promoting
transparency in Nigeria’s oil and gas revenue management.
The Executive Order directs that all oil and gas revenues due to the Federation, including royalty oil, tax oil, profit oil, and profit gas, be paid directly into the Federation Account. It also suspends certain revenue retention mechanisms under the Petroleum Industry Act (PIA) 2021, including the 30 per cent Frontier Exploration Fund, the 30 per cent NNPCL management fee on profit oil and profit gas, and the redirection of gas flare penalties to the Federation Account.
PETROAN views this decisive action as a bold step toward enhancing accountability, eliminating revenue leakages, and reinforcing public confidence in
the management of Nigeria’s petroleum resources.
According to the National President of PETROAN, Billy Gillis-Harry, the benefits include enhanced Revenue Transparency, centralised remittance of oil and gas revenues strengthens accountability and public oversight.
It is also expected to improve Fiscal Stability, increase and predictable revenue inflows to the Federation Account can
enhance budget implementation and macroeconomic management and stronger Commercial Orientation for NNPCL.
The directive is expected to
reposition the Nigerian National Petroleum Company Limited (NNPCL) as a truly commercial entity, focused on efficiency, profitability, and operational
discipline.
It will also accelerate Refinery Efficiency and the Order may encourage NNPCL to
ensure government-owned refineries become fully functional and commercially viable.
It will equally boost to Public and Investor Confidence ensure transparent revenue management
enhances Nigeria’s economic credibility and investor attractiveness.
Gillis-Harry, describes the Executive
Order as a courageous and reform-driven decision that aligns with global best practices in fiscal governance. He noted that compelling NNPCL to remit revenues directly reinforces its transformation into a commercially disciplined national energy company.
Dr Gillis-Harry also commended the Group Chief Executive Officer of NNPCL, Bayo Ojulari, for his proactive approach to reviving the Port Harcourt Refining Company,
particularly during the recent inspection engagement with a Chinese technical
firm.
He endorsed the proposal to adopt the Nigeria LNG Limited (NLNG) Bonny model for the Port Harcourt Refinery, stating that such a structure would enhance
operational efficiency, transparency, private-sector discipline, and long-term productivity of Nigeria’s refineries.
He emphasised that adopting a commercially driven governance model similar to NLNG would make the refineries viable, efficient, and globally competitive, while
strengthening Nigeria’s energy security and reducing dependence on fuel imports.
Gillis-Harry reaffirmed PETROAN’s readiness to collaborate with the Federal Government and regulatory institutions to ensure that Executive Order No. 9 strengthens energy security, protects employment, and promotes long-term sectoral stability.