Executive Order 9 will eliminate revenue leakages, enhance accountability – PETROAN

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has described the recently signed Executive Order No. 9 of 2026 as a bold reform that will deepen fiscal discipline and reposition the Nigerian oil and gas industry for greater efficiency, saying it will enhance accountability and eliminate revenue leakages in the sector.

The association, in a statement signed by its National Public Relations Officer, Dr Joseph Obele, commended President Bola Ahmed Tinubu for signing the Executive Order, noting that the measure would promote transparency in the management of oil and gas revenues.

President Tinubu had signed Executive Order 9, also known as Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026, on February 13, saying he did it to restore “what belongs to the Nigerian people.”

Executive Order No. 9 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.

According to PETROAN, the centralised remittance structure would strengthen public oversight, improve revenue transparency and ensure more predictable inflows into the Federation Account, thereby supporting budget implementation and macroeconomic management.

The association further stated that the directive would reinforce the commercial orientation of the Nigerian National Petroleum Company Limited (NNPCL), compelling it to operate as a truly profit-driven and efficiency-focused national energy company.

The National President of PETROAN, Dr Billy Gillis-Harry, also described the Executive Order as a courageous and reform-driven decision aligned with global best practices in fiscal governance.

He said compelling NNPCL to remit revenues directly to the Federation Account would entrench operational discipline and strengthen its ongoing transformation.

Dr Gillis-Harry also commended the Group Chief Executive Officer of NNPCL, Mr Bayo Ojulari, for his proactive efforts toward reviving the Port Harcourt Refining Company, particularly his recent inspection engagement with a Chinese technical firm.

He endorsed proposals to adopt the Nigeria LNG Limited (NLNG) Bonny model for the Port Harcourt Refinery, arguing that such a governance structure would enhance transparency, private-sector discipline and long-term productivity.

According to him, a commercially driven governance framework similar to NLNG would make Nigeria’s refineries viable, globally competitive and capable of strengthening energy security while reducing dependence on fuel imports.

PETROAN reaffirmed its readiness to collaborate with the Federal Government and regulatory institutions to ensure that Executive Order No. 9 strengthens energy security, protects jobs and promotes long-term stability in the petroleum sector.