Mkpoikana Udoma
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has thrown its weight behind President Bola Ahmed Tinubu’s Executive Order No. 9 of 2026, describing it as a decisive intervention to strengthen fiscal discipline and promote transparency in Nigeria’s oil and gas revenue management.
The Executive Order, effective from February 13, directs that all oil and gas revenues due to the Federation, including royalty oil, tax oil, profit oil and profit gas, be paid directly into the Federation Account.
It also suspends revenue retention mechanisms under the Petroleum Industry Act, PIA, including the 30% Frontier Exploration Fund and the 30% management fee previously retained by NNPC Limited on profit oil and profit gas. Gas flare penalties are also to be redirected into the Federation Account.
Reacting on the development, PETROAN described the executive order as a bold step toward accountability.
PETROAN said the move would eliminate leakages and restore public confidence in the management of petroleum resources.
The association’s National President, Billy Gillis-Harry, described the directive as “a courageous and reform-driven decision that aligns with global best practices in fiscal governance.”
According to him, compelling NNPCL to remit revenues directly reinforces its transformation into “a commercially disciplined national energy company.”
He outlined key anticipated benefits of the Executive Order, including Enhanced Revenue Transparency, Improved Fiscal Stability, Stronger Commercial Orientation for NNPCL and Boost to Public and Investor Confidence
“Centralised remittance of oil and gas revenues to strengthen accountability and public oversight. Increased and predictable inflows to support budget implementation and macroeconomic management. Repositioning the company as an efficiency-driven and profitability-focused enterprise. Transparent revenue management to enhance Nigeria’s economic credibility.
Gillis-Harry also commended NNPCL’s Group Chief Executive Officer, Bayo Ojulari, for steps taken to revive the Port Harcourt Refining Company, particularly recent engagements with a Chinese technical firm.
He endorsed the proposal to adopt the governance framework of Nigeria LNG Limited for the Port Harcourt refinery, noting that the “NLNG model” would enhance operational efficiency, transparency and private-sector discipline.
“Adopting a commercially driven governance model similar to NLNG will make the refineries viable, efficient, and globally competitive, while strengthening Nigeria’s energy security and reducing dependence on fuel imports,” he said.
PETROAN reaffirmed its readiness to collaborate with the Federal Government and regulatory institutions to ensure that Executive Order No. 9 strengthens energy security, protects employment and promotes long-term sector stability.
