\n\nA joint National Assembly investigation into President Bola Tinubu’s executive order mandating direct remittance of oil and gas revenues into the Federation Account was stalled on Thursday after the Minister of State for Petroleum Resources, Heineken Lokpobiri, requested additional time to prepare responses and review relevant documents. The hearing organised by the Senate and House committees on Petroleum Resources and Gas was intended to scrutinise the fiscal and legal effects of the executive order on Nigeria’s oil sector and revenue flows.
Tinubu’s executive order which stops automatic deductions like management fees and the 30 % frontier exploration fund from the Nigerian National Petroleum Company Limited (NNPCL) before remitting to the Federation Account has drawn mixed reactions from stakeholders. While groups such as the South-South Governors Forum have praised the move for restoring fiscal integrity and plugging revenue leakages, critics including the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the Nigerian Bar Association (NBA) argue the directive could undermine the existing Petroleum Industry Act and deter investment. Lawmakers are also considering amendments to the PIA to reconcile legal frameworks with the executive order’s fiscal objectives.
The probe’s adjournment highlights ongoing tension between the executive and legislature over fiscal governance reforms and transparency in Nigeria’s oil sector, with lawmakers directing NNPCL to submit documentation on remittances and compliance. The outcome of the resumed investigation including whether broader reforms to the Petroleum Industry Act will be adopted could have lasting implications for how Nigeria manages its most important revenue source.
