The Federal Government, under President Bola Ahmed Tinubu, has begun implementing Executive Order 09 on oil and gas revenues to safeguard federal funds and strengthen petroleum revenue management. The Federal Ministry of Finance announced that NNPC Limited will immediately stop collecting certain fees and gas flare penalties, while contractors will transition to direct payments into the Federation Account under a phased plan. A Technical Subcommittee, including the Solicitor-General, NNPC officials, and the Nigeria Revenue Service, will develop guidelines and review the Petroleum Industry Act to ensure fiscal stability and maintain investor confidence.
