Tinubu's Executive Order 9 on Oil Revenue Explained

President Bola Tinubu signed Executive Order 9 (EO9) to enforce constitutional provisions related to oil and gas revenue management, aiming to safeguard public revenue rather than usurp legislative power. The order directs that royalties, oil taxes, and profits from oil and gas revenues be paid directly into federal accounts, scrapping a 30% frontier exploration fund established under the Petroleum Industry Act (PIA).

This move has been met with criticism, particularly from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which argues that it undermines the PIA and investor confidence in the sector. Tinubu's administration, represented by spokesperson Bayo Onanuga, maintains that EO9 does not create new laws but enforces existing constitutional provisions, specifically citing Section 80(1) of the 1999 Constitution.

The presidency emphasizes that the order aims to enhance transparency and accountability in revenue collection and distribution.