PENGASSAN Rejects Tinubu’s Executive Order On NNPCL
The Petroleum and Natural Gas Senior Staff Association of Nigeria has urged President Bola Tinubu to withdraw a recent executive order directing oil and gas revenues straight to the federation account.
The union said the decision removes the Nigerian National Petroleum Company Limited’s power to deduct operational costs, a move it believes clashes with the Petroleum Industry Act.
Speaking in Abuja, PENGASSAN President Festus Osifo described the order as a blow to the existing law governing the oil sector.
He argued that sections of the Petroleum Industry Act clearly spell out NNPC’s role and that an executive order should not override an act passed by the National Assembly.
Osifo said while the president has the authority to issue executive directives, this particular step could unsettle investors and weaken confidence in the industry.
He warned that if the directive stands, it may affect the company’s ability to meet financial commitments, including staff obligations.
The union leader also cautioned that altering key provisions of the industry framework through executive action could send the wrong signal both locally and abroad.
He called for a review of the order, saying stability in policy is vital for Nigeria’s oil and gas sector.
