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The Nigerian Government has commenced the implementation of Executive Order 9 of 2026 aimed at reforming the management of oil and gas revenues.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this in a statement on Monday following the inaugural meeting of the Implementation Committee held on February 26, 2026.
The Executive Order, issued by President Bola Tinubu, seeks to safeguard federal petroleum revenues and strengthen revenue flows to the Federation Account in line with constitutional provisions.
As part of the implementation, NNPC Limited will immediately cease the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts.
Remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund have also been suspended.
Regarding provisions for direct remittance of profit oil, royalty oil, and tax oil by contractors into the Federation Account, the committee approved a transition period. Contractors will continue to remit under the existing process until detailed operational guidelines are issued.
Edun disclosed that a Technical Subcommittee has been established to develop transition guidelines within three weeks and to begin a review of the Petroleum Industry Act to address structural and fiscal issues affecting federation revenues.
“To this end, the Committee approved the establishment of a Technical Subcommittee to (i) develop the detailed guidelines for the transition to direct remittance within three (3) weeks and (ii) commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken Federation revenues.”
He noted that the Technical Subcommittee will be led by the Special Adviser to the President on Energy and will include the Solicitor-General of the Federation and Permanent Secretary of the Federal Ministry of Justice, the Chairman of the Nigeria Revenue Service, and the Chairman of the Forum of Commissioners of Finance, representatives of the Minister of State for Petroleum Resources, and Oil, with secretarial support from the Budget Office of the Federation.
According to him, the Committee will continue to provide coordinated guidance and timely updates as implementation progresses.
Federal Ministry of Finance
Abuja
PRESS STATEMENT
Nigeria Moves to Safeguard Petroleum Revenues as Implementation of Executive Order 9 Begins
On February 26, 2026, the Implementation Committee for Executive Order 9 of 2026 held its inaugural meeting. This meeting was held in… pic.twitter.com/lIZ1o1CbWp
— Federal Ministry of Finance (@FinMinNigeria) March 2, 2026
