Tinubu's oil revenue order hearing delayed as minister seeks more time
The National Assembly joint hearing on President Tinubu's Executive Order mandating direct oil revenue remittance to the Federation Account was postponed Thursday after Minister Heineken Lokpobiri requested additional preparation time. The session, jointly convened by Senate and House Committees on Petroleum Resources and Gas, aimed to examine the order's implications for Nigeria's petroleum sector. Minister Lokpobiri, who attended despite learning of the hearing only a day prior, stated he lacked necessary documents to defend the directive. The committee chairman, Agom Jarigbe, put the request to a voice vote and majority lawmakers supported rescheduling. Earlier, Senate Finance Committee Chairman Sani Musa revealed President Tinubu will soon propose PIA amendments to align with current economic realities, though specifics remain undisclosed. The Executive Order, signed Wednesday, directs royalty, tax, and profit oil revenues to the Federation Account while scrapping the 30% Frontier Exploration Fund and NNPCL's 30% profit oil management fee. Anchored in constitutional sections 5 and 44(3), the directive aims to safeguard revenues but faces criticism from PENGASSAN, which warns it undermines the Petroleum Industry Act and erodes investor confidence.