Tinubu Signs EO to Shield Oil Revenues, Curb NNPC Fees
President Tinubu signed an Executive Order to protect Nigeria's oil and gas revenues by eliminating NNPC's 30% management fee on profit oil and profit gas, redirecting these funds to the Federation Account. The directive also halts payments to the Frontier Exploration Fund and the Midstream Gas Infrastructure Fund (MDGIF), redirecting all penalties to the Federation Account instead. NNPC will no longer retain 30% of profit oil/gas under PIA, and all payments must now go directly to the Federation Account starting February 13, 2026. This addresses revenue leakage exceeding two-thirds of potential remittances, aiming to stabilize budgets for security, education, and energy transition investments.