The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has described the Federal Government’s Executive Order No. 9 as a reform-driven step to boost accountability and investors’ confidence in Nigeria’s energy sector.
Dr Billy Gillis-Harry, National President of PETROAN, made the commendation while reacting to the development yesterday. Gillis-Harry said the order, compelling the Nigerian National Petroleum Company Limited (NNPC Ltd.) to remit revenues directly to the Federation Account aligned with global best practices and would reinforce NNPC’s transformation into a commercially disciplined company.
The News Agency of Nigeria (NAN) reports that President Bola Tinubu signed the Executive Order No. 9 of 2026 on February 13, aimed at strengthening fiscal discipline and promoting transparency in Nigeria’s oil and gas revenue management.
The Executive Order directs that all oil and gas revenues due to the Federation, including royalty oil, tax oil, profit oil, and profit gas, be paid directly into the Federation Account. It also suspended certain revenue retention mechanisms under the Petroleum Industry Act (PIA) 2021, including the 30 per cent Frontier Exploration Fund, 30 per cent NNPC Ltd. management fee on profit oil and profit gas.
It also includes the redirection of gas flare penalties to the Federation Account. Reacting, Gillis-Harry, said transparent revenue management was critical to improving Nigeria’s economic credibility and attractiveness to both local and foreign investors.
He described the executive order as a courageous decision that strengthens accountability while deepening reforms within the oil and gas industry. The PETROAN president also commended the Group Chief Executive Officer, NNPC Ltd., Mr Bayo Ojulari, for his proactive efforts to revive the Port Harcourt Refinery, particularly during a recent inspection engagement with a Chinese technical firm.
He endorsed the proposal to adopt the governance structure of Nigeria Liquefied Natural Gas Limited (NLNG) for the Port Harcourt Refinery, noting that the NLNG Bonny model has proven effective in promoting operational efficiency, transparency, and privatesector discipline.
He emphasised that replicating a commercially driven governance model similar to NLNG would enhance the long-term productivity and global competitiveness of Nigeria’s refineries. Such reforms, he said, would strengthen energy security, reduce dependence on fuel imports, and position the downstream sector for sustainable growth.
Gillis-Harry reaffirmed PETROAN’s readiness to collaborate with the Federal Government and relevant regulatory institutions to ensure that the order promotes energy security, safeguards jobs, and delivers long-term stability.
