Senate to amend PIA as Tinubu's revenue order faces criticism
Senate Committee on Finance disclosed President Tinubu will propose PIA amendments to reflect current economic realities. Chairman Sani Musa stated the executive order mandating direct remittance of oil/gas revenues to Federation Account won't automatically boost revenue as Nigeria hasn't reached desired levels. The order scrapped the 30% Frontier Exploration Fund and NNPCL's 30% management fee on profit oil/gas. Musa noted projections from this directive will shape the 2026 budget. However, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) rejected the order as undermining PIA and eroding investor confidence. The PIA, enacted in 2021, aims to reform Nigeria's oil sector through commercialization of NNPCL and revenue-sharing restructuring.