PENGASSAN Rejects Tinubu's Oil Revenue Executive Order
PENGASSAN rejects President Tinubu's executive order mandating direct remittance of oil and gas revenues to the Federation Account, calling it a dangerous precedent that undermines the Petroleum Industry Act (PIA). The union argues the order cannot override existing law and could erode investor confidence. The directive scraps the 30% Frontier Exploration Fund and management fee on profit oil/gas retained by NNPC, redirecting all revenues to the Federation Account. PENGASSAN warns this could reverse gains since PIA's 2021 enactment, potentially causing job losses for 4,000 members and reducing investment. The union demands the order's withdrawal and legislative process for PIA amendments. Experts praise revenue safeguards while critics cite constitutional concerns.