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Following the issuing of Executive Order 09, which requires the repatriation of oil income to the federation account, President Bola Ahmed Tinubu has received advice on the next steps from petroleum retailers and energy experts.
The executive decision has caused unrest in Nigeria’s oil industry, according to a statement released by the president last Wednesday by his spokesperson, Bayo Onanuga.
The ruling eliminates the Frontier Exploration Fund and the 30% management charge on profitable oil and gas, two sources of income that the Nigerian National Petroleum Company Limited had previously maintained.
The state-owned oil company’s other revenue streams, including gas flaring penalties, are also transferred to the federation account.
As per the Federal Government, the Executive Order is anticipated to enhance transparency inside the national oil firm and provide around N14 trillion to the federation account.
Oil and gas sector players, however, are debating the development, especially in light of its consequences for the Petroleum sector Act (PIA) 2021. It has also been noted that the action has caused confusion among the NNPCL’s leadership about the organization’s future functioning.
Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), urged President Tinubu to revoke the executive order last week, cautioning that it might jeopardize the PIA and destroy investor confidence.
Wumi Iledare, an energy specialist and Professor Emeritus of Petroleum Economics, disagreed with PENGASSAN’s position, contending that the union was misdirecting its efforts.
He had already discussed the wide-ranging effects of the president’s order but warned that some of its provisions directly conflict with those of the PIA.
Bayo Onanuga, the president, justified the executive order in a statement released Monday, stating that it is in accordance with the Nigerian Constitution.
However, Tim Okon, the managing partner of TENO Energy Resources Limited and an energy expert, as well as Billy Gillis-Harry, the president of the Petroleum Products Retail Outlets Owners Association of Nigeria, urged the president to take the next step and ask the National Assembly to amend the PIA in exclusive interviews on Monday.
Speaking on the subject, Dr. Okon argued that it would have been better to modify the law through the legislative rather than by executive order.
However, I would also say that if the goal is to change a law, we simply present it to the National Assembly.
“Therefore, I believe that going to the National Assembly to alter a legislation is the best option. Instead of issuing presidential directives, it is simply preferable to let the National Assembly to modify laws. Therefore, those are simply my opinions.
Legislation is drafted by the National Assembly, which then revises it. Therefore, the most straightforward way to amend the PIA is to present it before the National Assembly, he stated.
The executive order is a first step toward a legislative reform of the PIA, according to Gillis-Harry.
This is a step in the process. The executive measures will speed up the process to the point when the National Assembly will need to erase and repair some extremely important and harmful parts of the PIA.
I’m pleased with it. Executive Order 9 is on my mind every day. “It is evident that this president is now understanding what is wrong with Nigeria, which makes me happy,” he remarked.
He also mentioned ongoing claims of unpaid and unaccounted-for oil revenues, pointing out that data that is accessible to the public shows how much money has been lost over time.
You will be astounded to see how many billions and trillions of dollars—specific sums that were not transferred—are referenced when you search for “stolen money” or “missing money in Nigeria,” he said.
Bayo Ojulari’s leadership of the Nigerian National Petroleum Company Limited has reportedly failed to account for N210 trillion in cash that were identified as unaccounted for in audited financial accounts covering the years 2017 through 2023.
Since last year, Aliyu Wadada, the chair of the Senate Committee on Public Accounts, has brought up the matter.
