Tinubu's EO9 on Oil Revenue Defended by Presidency

The Nigerian Presidency has defended President Bola Tinubu's Executive Order 9 (EO9), stating it is a constitutional instrument aimed at safeguarding public revenue rather than an attempt to usurp the powers of the National Assembly. The statement, issued by Special Adviser to the President on Media and Publicity, Bayo Onanuga, addresses widespread criticism following the signing of EO9, which directs the remittance of oil and gas revenue, including royalties and taxes, directly to the federal account.

The order also scrapped the 30% frontier exploration fund established under the Petroleum Industry Act (PIA) and discontinued the management fee retained by the Nigerian National Petroleum Company Limited (NNPCL). Critics, including the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), argue that the EO9 undermines the PIA and erodes investor confidence in the sector.

The government maintains that EO9 merely enforces existing constitutional provisions and does not amend or repeal the PIA.