FG implements Executive Order 9 to cut NNPC income streams
Nigerian government begins enforcing Executive Order 9 requiring direct oil revenue remittance to Federation Account. Finance Minister Wale Edun announced implementation Monday, March 2, 2026. NNPC instructed to stop collecting 30% management fees and frontier exploration fund deductions from profit oil/gas under Production Sharing Contracts (PSCs). Gas flare penalties remitted to Midstream and Downstream Gas Infrastructure Fund (MDGIF) suspended immediately. Transition managed to respect existing contracts until new guidelines issued. Technical subcommittee formed to develop transition framework within three weeks, chaired by Special Adviser on Energy. Committee includes Solicitor-General, NRS Chairman, and PIA review to address revenue gaps. Government optimistic reforms will deliver measurable citizen benefits.