PENGASSAN Urges Tinubu to Revoke NNPC Revenue Order

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on President Bola Tinubu to retract an executive order issued on February 18, which directs the Nigerian National Petroleum Company (NNPC) to limit its remittances of oil and gas revenues directly to the Federal Account Allocation Committee (FAAC). PENGASSAN President Festus Osifo described this executive order as a direct attack on the Petroleum Industry Act, arguing that it contradicts existing laws of the Federal Republic of Nigeria.

Osifo emphasized that while the President has the constitutional power to issue executive orders, such powers should not override established legislation. He expressed concern that the order could send negative signals to investors, potentially jeopardizing jobs and undermining efforts to attract both local and international investments in the oil and gas sector, especially given Tinubu's background in the industry, including previous experience with ExxonMobil.