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PENGASSAN kicks against Tinubu’s executive order on NNPCL
PENGASSAN President, Festus Osifo, described the directive as a direct affront to key provisions of the Petroleum Industry Act (PIA) enacted in 2021.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged President Bola Tinubu to immediately withdraw the Executive Order directing the direct remittance of oil and gas revenues to the federation account, warning that the move could endanger about 4,000 jobs and destabilise the industry.
Speaking to journalists in Lagos, PENGASSAN President, Festus Osifo, described the directive as a direct affront to key provisions of the Petroleum Industry Act (PIA), enacted in 2021 to reform and stabilise Nigeria’s oil and gas sector.
Osifo questioned the signal the order sends to investors, arguing that an executive directive should not override an existing law passed by the National Assembly. He said the actual percentage of revenue affected is below two percent and clarified that the 30 percent Frontier Exploration Fund does not go directly to NNPC Limited but into a designated Frontier Exploration Account. According to him, some provisions of the Executive Order did not present the full picture.
He also clarified that royalties are paid into the Federal Government’s account and not to personal accounts of regulators, warning that if the order remains in place, companies may struggle to meet their obligations, potentially leading to redundancies among workers.
The union leader recalled PENGASSAN’s role in shaping the PIA to restore investor confidence after years of declining investments, stressing that policy stability is crucial for attracting and retaining capital in a sector that remains Nigeria’s major revenue earner.
Osifo warned that any disruption in oil production could reduce foreign exchange earnings, weaken the naira and ultimately affect citizens’ purchasing power. He described the oil and gas sector as highly capital-intensive, noting that some rigs cost as much as $1.5 million per day, underscoring the need to maintain investor confidence.
He added that the union was not consulted on the Executive Order, stating that PENGASSAN had earlier been informed of a proposed executive bill to amend the PIA but was surprised when the directive came as an executive order instead.
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