Professor Wumi Iledare, a renowned expert in petroleum economics and Professor Emeritus at Louisiana State University, has reacted to President Bola Tinubu’s Executive Order 9 of 2026, directing the restructuring of oil and gas revenue remittances to the Federation Account. The order signed by President Tinubu on February 13 but announced on February 18, 2026, …
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has kicked against President Bola Tinubu's recent Executive Order mandating the direct remittance of all oil and gas revenues to the Federation Account. The union warns that the directive is a “direct attack” on the Petroleum Industry Act (PIA) and could lead to significant …
Economists, industry experts and public finance analysts have hailed President Bola Tinubu’s latest executive order stripping the Nigerian National Petroleum Company Limited (NNPC) of the power to retain portions of oil and gas revenues before they reach the Federation Account. They said the order would help to strengthen revenue remittance compliance and enhance transparency, adding …
Federation allocation to the federal government, states and local councils declined to N1.928 trillion in November, according to the Federation Account Allocation Committee (FAAC). A statement on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that the revenue was shared at the …
