The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on President Bola Tinubu to rescind an executive order directing the direct remittance of oil and gas revenues to the Federation Account Allocation Committee. The order, signed on 18 February, removes the oil revenue deduction powers previously held by the Nigerian National Petroleum Company Limited.
Speaking at a press briefing on Thursday, PENGASSAN National President Festus Osifo described the directive as a direct attack on the Petroleum Industry Act, citing sections 8, 9 and 64. He said an executive order cannot override an existing law passed by the National Assembly.
Osifo urged the president to review the decision, warning that it could send negative signals to investors and undermine confidence in the regulatory framework governing the oil and gas sector. He said the union believes the president may not have been fully briefed on the implications of the order.
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PENGASSAN also cautioned that failure to withdraw the directive could affect the operations of NNPC Limited and place workers at risk, adding that the union expects further engagement on the matter.
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