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An executive order signed by President Bola Tinubu aims to protect and increase oil and gas earnings for the Federation, reduce unnecessary expenditures, do rid of redundant systems in this vital area of the national economy, and reallocate funds for the benefit of Nigerians.
In accordance with Section 5 of the Federal Republic of Nigeria’s (as modified) Constitution, the President signed the EO.
Section 44(3) of the Constitution, which gives the Government of the Federation ownership, control, and derivative rights over all minerals, mineral oils, and natural gas in, under, and upon any land in Nigeria, including its territorial waters and Exclusive Economic Zone, serves as the foundation for every Executive Order.
After the Petroleum Industry Act (PIA) eliminated the federal, state, and local governments’ constitutional revenue entitlements in 2021, the directive aims to restore them. The PIA established legal and structural avenues for deductions, various taxes, and charges that result in a significant loss of Federation revenue.
Thirty percent of the Federation’s oil income are retained by NNPC Limited under the present PIA structure as a management fee on profit oil and profit gas obtained via production sharing contracts, profit sharing contracts, and risk service contracts.
Additionally, the business keeps 20% of its earnings for future investments and working capital.
The Federal Government believes that the 30% management charge is unnecessary given the current 20% retention, since the retained earnings are adequate to fund the operations NNPCL carries out under these contracts.
As the Frontier Exploration Fund under sections 9(4) and (5) of the PIA, NNPC Limited also keeps an additional 30% of its oil and gas profits via the production sharing, profit sharing, and risk service contracts. At a time when government resources are desperately needed for fundamental national priorities like security, education, healthcare, and energy transition investments, a fund of this size dedicated to speculative exploration runs the risk of building up sizable idle cash balances, which would encourage inefficient exploration spending.
Additionally, under Section 52(7)(d) PIA, there is the Midstream and Downstream Gas Infrastructure Fund (MDGIF), which is financed by the gas flaring penalties collected under Section 104. Support for environmental cleanup and assistance for host communities affected by gas flaring are the intended uses of the fund. NUPRC is in charge of the Environmental Remediation Fund, which was created by section 103 of the PIA and is intended to finance the restoration of communities that have been adversely affected by upstream petroleum activities, such as gas flaring. Additionally, lessees are already required by Section 103 to pay a charge to contribute to this fund for this same purpose.
All of these deductions effectively divert over two-thirds of possible remittances to the Federation Account, and they substantially beyond international standards. These deductions and the disjointed management under the present PIA architecture are mostly to blame for the ongoing fall in net oil revenue inflows.
The Executive Order addresses duplicate and overlapping provisions in all pertinent laws and regulatory instruments under the PIA framework and NNPC Limited’s governing structure in order to address the duplicative 30% deduction for profit-sharing arrangements, among other issues. To allow the three levels of government to focus on important national issues, the goal is to remove unnecessary layers of deductions that reduce the amount of money that should flow into the Federation Account.
Regarding NNPC Limited’s continuous concessionaire status under the terms of the Production Sharing Contract, the President has raised structural concerns. The company’s ability to affect operational costs while still operating as a commercial entity under the current structure could lead to competitive distortions and jeopardize its ability to convert into a completely commercial operator as intended by the PIA.
Therefore, the Executive Order enacts immediate actions to protect the Federation’s interests while reducing leaks, improving transparency, getting rid of redundant structures, and repositioning NNPC Limited as a completely commercial concern.
As he issued the directive, the President reaffirmed that the reforms are urgently needed in the country because of their effects on national budgeting, debt sustainability, economic stability, and Nigerians’ general well-being.
President Tinubu stated that in order to resolve the budgetary and structural irregularities found, his administration will also conduct a thorough review of the Petroleum Industry Act in collaboration with pertinent parties.
As per the legally gazetted Presidential Executive Order, NNPC Limited would no longer be responsible for collecting and managing the 30% Frontier Exploration Fund. The 30% profit from oil and gas production sharing, profit sharing, and risk service contracts that are currently designated for the frontier exploration fund will be moved to the Federation Account going forward, thanks to NNPC Limited.
Additionally, the 30% management charge on oil and gas profits that ought to go to the federation account will no longer be due to NNPC Limited.
In a similar spirit, all operators/contractors of oil and gas assets held under a production sharing contract are required to pay Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and any other interest that may be owed to the Federation Government directly to the Federation Account as of the Executive Order date of February 13, 2026.
Additionally, Gas Flare Penalty payments to the Midstream and Downstream Gas Infrastructure Fund have been halted by President Tinubu. The Commission will stop paying the money collected from operators who are fined for flaring gas into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and instead transfer the money to the Federation Account as of the Executive Order date. All MDGIF expenditures must be made in accordance with current public procurement laws, rules, and regulations.
The creation of a collaborative project team to carry out integrated petroleum operations has been approved by President Tinubu. Regarding integrated operations, which involve the complete integration of upstream and midstream petroleum operations, the Commission will act as the liaison between licensees and lessees.
The creation of an Implementation Committee to supervise and guarantee the efficient, well-coordinated execution of the executive order was authorized by President Tinubu. The committee’s members include the Attorney-General of the Federation and the Minister of Justice, the Minister of Finance and the Coordinating Minister of the Economy, the Minister of Budget and National Planning, and the Minister of State for Petroleum Resources (Oil). The Director-General of the Federation’s Budget Office, the Special Adviser to the President on Energy, a representative from the Ministry of Justice, and the Chairman of the Nigeria Revenue Service are additional members of the Committee. Bayo Onanuga, the presidential spokesperson, said in a statement that the latter will supply a secretariat for the committee.
