Mkpoikana Udoma
Port Harcourt — Nigeria is moving to tighten accountability in its oil and gas sector following the implementation push for Executive Order 9, a directive aimed at ensuring that all petroleum revenues are paid directly into the Federation Account.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this after a strategy meeting with the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
According to Lokpobiri, the engagement focused on the implementation of Executive Order 9, recently signed by President Bola Ahmed Tinubu, which mandates that all oil and gas revenues, including royalties, taxes, and profit oil, be paid directly into the Federation Account Allocation Committee framework.
“I received Ms. Olu Arowolo-Verheijen, the Special Adviser to the President on Energy, as we engaged in a productive strategy session on the implementation of Executive Order 9 recently signed into law by President Bola Ahmed Tinubu,” Lokpobiri said.
He explained that the directive is designed to ensure stronger oversight and transparency in Nigeria’s most critical revenue-generating sector.
“By ensuring that critical oil and gas revenues are centrally accounted for, EO9 will help reinforce public trust, support better resource management, and ultimately expand the fiscal capacity needed for national development,” the minister stated.
Nigeria’s oil and gas sector remains the backbone of government revenue and foreign exchange earnings, but the industry has historically faced challenges relating to transparency and revenue leakages.
Lokpobiri emphasised that the government is determined to fully operationalise the order to strengthen fiscal discipline across the sector.
“With the leadership and vision of Mr. President, we remain committed to ensuring the effective operationalisation of the directive requiring oil and gas revenues, royalties, taxes, and profit oil to be paid directly into the Federation Account,” he added.
SweetCrude Reports noted that the move could significantly improve revenue tracking and enhance confidence among investors and international partners by demonstrating Nigeria’s commitment to transparent resource management.
The implementation of the directive is expected to play a key role in strengthening Nigeria’s fiscal stability while ensuring that petroleum revenues are more efficiently deployed to support national development priorities.
