PENGASSAN Opposes Tinubu's Oil Revenue Executive Order

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), led by President Festus Osifo, has expressed opposition to President Bola Tinubu's executive order regarding the direct remittance of oil and gas revenue to the federal account. The union argues that the order negatively impacts industry investment and worker welfare, contravening the intent of the Petroleum Industry Act (PIA).

PENGASSAN contends that the current operational framework limits the Nigerian National Petroleum Corporation (NNPC) to retaining only 30% of oil revenue, which could erode funds available for federal, state, and local governments. Osifo emphasized that the executive order fails to provide adequate management fee payments to NNPC, which are essential for operational expenses.

PENGASSAN plans to engage further with the federal government to resolve these differences and has scheduled meetings to discuss the matter. The union seeks amendments to the PIA to allow stakeholder review and public hearings on proposed laws, asserting that the executive order undermines constitutional revenue entitlements.