Nigeria's Executive Order No. 9 on Oil Revenue Remittance
Analysis based on 11 articles · First reported Feb 21, 2026 · Last updated Feb 23, 2026
The Executive Order No. 9 is expected to positively impact Nigeria's financial markets by enhancing revenue transparency and fiscal stability, potentially attracting more local and foreign investors. However, concerns from the PENGASSAN regarding job losses and investment deterrence could introduce some market uncertainty.
President Bola Tinubu signed Executive Order No. 9 on February 13, 2026, mandating 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. This order suspends certain revenue retention mechanisms under the Petroleum Industry Act (PIA) 2021, such as the 30 percent Frontier Exploration Fund and the 30 percent Nigerian National Petroleum Corporation===NNPC (NNPC) Limited management fee. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has lauded this move as a reform-driven step to boost accountability and investor confidence in Nigeria's energy sector, aligning with global best practices. Conversely, the PENGASSAN (PENGASSAN) has rejected the order, citing concerns about potential job losses and its contradiction of the PIA. The order aims to strengthen fiscal discipline, promote transparency in revenue management, and reposition the Nigerian National Petroleum Corporation===NNPC as a commercially disciplined entity, potentially accelerating the revival of refineries like the Nigerian National Petroleum Company===Port Harcourt Refining Company.
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