Tinubu moves toward full review of PIA after oil revenue reset
President Bola Tinubu has signalled plans for a comprehensive review of the Petroleum Industry Act following his recent executive order on direct remittance of oil and gas revenues to the Federation Account. The executive order stripped NNPC Limited of several revenue retention powers created by the PIA, including the 30 percent management fee on profit oil and gas and control of the Frontier Exploration Fund. Presidency officials said the order is a “hard reset” aimed at stopping leakages, restoring the constitutional revenue share of federal, state and local governments, and simplifying how oil income flows into public coffers. Lawmakers and industry stakeholders explained that projections and adjustments from the new revenue directive will now be factored into the 2026 budget and wider fiscal framework. They noted that to align the law with the new policy direction, the administration will need […]
