FG starts direct oil revenue remittance to FAAC under new order
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that the Federal Government has begun implementing Executive Order 9 of 2026. This order requires oil revenues to be sent directly to the Federation Account Allocation Committee. The move follows a directive from President Bola Tinubu and the inaugural meeting of the implementation committee. The new process aims to ensure transparency and proper management of petroleum revenues for all tiers of government.
TLDR
- The Federal Government is now enforcing Executive Order 9 of 2026 for direct oil revenue remittance to FAAC.
- Wale Edun stated that NNPC Limited must immediately stop collecting certain management fees and deductions from profit oil and gas.
- All gas flare penalty remittances into the Midstream and Downstream Gas Infrastructure Fund are suspended with immediate effect.
- A transition period will be observed, with contractors continuing current remittance processes until new guidelines are issued.
- A technical subcommittee has been set up to develop transition guidelines within three weeks and review the Petroleum Industry Act.
