The Federal Government says it has begun implementing Executive Order 9 of 2026, which mandates the direct remittance of oil revenues to the Federation Account Allocation Committee, known as FAAC.
The announcement was made on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following the inaugural meeting of the implementation committee held on February 26. He said the directive requires that petroleum revenues accruing to the federation be handled in line with constitutional provisions to support fiscal stability across the three tiers of government.
Also Read: President Tinubu Signs Executive Order for Direct Remittance of Oil, Gas Revenues to Faac
Under the order, the Nigerian National Petroleum Company Limited will, with immediate effect, stop deducting a 30 per cent management fee and a 30 per cent frontier exploration fund from profit oil and profit gas under production sharing contracts, while remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund have been suspended.
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