Nigeria Implements Executive Order 9 for Oil Revenue Remittance

The Federal Government of Nigeria has initiated the implementation of Executive Order 9, which mandates the direct remittance of oil revenues to the federal account. This move follows the inauguration of a committee on February 26, 2026, led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

The committee emphasized its commitment to ensuring that revenues from petroleum operations are managed in a manner that upholds constitutional principles and safeguards federal revenue. The order requires contractors to make direct payments to the federal account while respecting existing contractual financial arrangements.

Until detailed guidelines are issued, contractors will continue with the current remittance process. The committee has also established a technical subcommittee tasked with developing detailed transit guidelines within three weeks.

This initiative aims to address structural fiscal gaps and reinforce fiscal discipline in the oil sector, with the involvement of the Minister of State for Petroleum Resources and the Budget Office of the Federation.