FG Directs Oil Revenue Remittances into FAAC

Federal Government implements Executive Order 9 of 2026 mandating direct remittance of oil revenues into Federation Account Allocation Committee (FAAC). Minister of Finance Wale Edun announced implementation committee's February 26 meeting resolutions. Order requires NNPC Limited to immediately cease collecting 30% management fees and frontier exploration fund deductions from profit oil/gas under Production Sharing Contracts (PSCs). Gas flare penalties into Midstream and Downstream Gas Infrastructure Fund (MDGIF) suspended. Contractors must make direct payments into Federation Account per Section 2(3) of order, with transition period to maintain investor confidence. Technical subcommittee established to develop transition guidelines within three weeks and review Petroleum Industry Act (PIA) gaps.

SOURCE: https://nairametrics.com/2026/03/02/executive-order-9-fg-begins-direct-remittance-of-oil-revenues/