The Implementation Committee for Presidential Executive Order 9 on oil and gas revenues held its first meeting on Thursday, 26 February 2026, to commence implementation of the order and the strengthening of revenue collection in Nigeria’s oil sector.
At the meeting, the Committee established a Technical Subcommittee and appointed the Special Adviser to the President on Energy, Mrs Olu Arowolo Verheijen, to lead it. The Subcommittee will draw up clear guidelines for direct remittance of Profit Oil, Tax Oil, and Royalty Oil to the Federation by operators. It will also begin reviewing the Petroleum Industry Act (PIA) to fix structural and fiscal gaps that currently impact federal revenues.
The establishment of the Technical Subcommittee, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun, is the first step toward making Executive Order 9 fully operational, aiming to improve transparency and strengthen Nigeria’s petroleum revenue system.
The Subcommittee has the following terms of reference:
- Develop the detailed guidelines for the transition to direct remittance within three weeks
- Commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken Federation revenues.
The Executive Order 9, signed by President Bola Ahmed Tinubu on 13 February 2026, prescribes the following:
- NNPC Limited shall cease, with immediate effect, the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs).
- All remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended with immediate effect.
- All revenues accruing to the Federation from petroleum operations must be handled in a manner that upholds constitutional principles and protects revenues accruable to the Federation.
Members of the Presidential Implementation Committee:
- The Minister of Finance and Coordinating Minister of the Economy (Chair)
- The Attorney‑General of the Federation and Minister of Justice
- The Minister of Budget and National Planning
- The Minister of State Petroleum Resources (Oil)
- The Chairman, Nigeria Revenue Service
- The Special Adviser to the President on Energy (Chair, Technical Subcommittee)
- The Director‑General, Budget Office of the Federation, (Secretary).
Members of the Technical Sub-Committee:
- Special Adviser to the President on Energy (Head)
- Solicitor-General of the Federation and Permanent Secretary Federal Ministry of Justice,
- Chairman of the Nigeria Revenue Service
- Chairman of the Forum of Commissioners of Finance
- Representatives of the Minister of State Petroleum Resources, Oil
- Budget Office of the Federation (Secretariat)
See Photos from the meeting:
