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PENGASSAN rejects Tinubu’s order directing oil revenues to federation account
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Union warns move contravenes Petroleum Industry Act and may unsettle investors
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President urged to review directive to protect NNPC operations and staff obligations
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on President Bola Tinubu to withdraw an executive order sending all oil and gas revenues directly to the federation account.
According to PENGASSAN President Festus Osifo, the order removes the Nigerian National Petroleum Company Limited (NNPCL)’s authority to deduct operational costs, a role clearly defined under the Petroleum Industry Act.
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He described the directive as a “blow to existing oil sector law” that could undermine investor confidence and disrupt the company’s ability to meet financial obligations, including staff salaries.
Osifo emphasized that while the president can issue executive orders, such directives should not override an Act of the National Assembly.
He urged a policy review, stressing that stability and clarity in the oil and gas sector are essential for both domestic and international stakeholders.
