Executive Order on oil remittances: Edun panel begins implementation
The implementation committee set up to drive President Bola Tinubu’s Executive Order on direct oil and gas revenue remittances has begun work under the chairmanship of Finance Minister Wale Edun. The Executive Order, signed on February 13, 2026, mandates that all royalty oil, tax oil, profit oil, profit gas and other government entitlements be paid directly into the Federation Account, ending Nigerian National Petroleum Company Limited’s 30 percent management fee and Frontier Exploration Fund deductions. Edun said the committee held its inaugural meeting on February 26 and agreed on a phased transition plan that respects existing contracts and financing deals while shifting remittance flows away from NNPC controlled accounts to the Federation Account Allocation Committee framework. Key resolutions include immediate suspension of remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund and the development of clear […]
