Edun Signals PIA Review as Tinubu’s Executive Order 9 Takes Effect

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy

The federal government’s push to tighten control over its petroleum revenues has kicked into gear as Wale Edun, minister of finance and coordinating minister of the economy, on Monday signalled a possible review of the Petroleum Industry Act (PIA). This is to enable the effective implementation of President Bola Tinubu’s Executive Order 9.

In a statement signed by Edun, the minister disclosed that the implementation committee he chairs held its inaugural meeting on February 26, 2026, in Abuja. The committee reaffirmed the President’s directive that “revenues accruing to the Federation from petroleum operations must be handled in a manner that upholds constitutional principles, protects revenues accruable to the Federation, and supports the fiscal stability of all three tiers of government.”

In line with the executive order, NNPC Limited will immediately cease the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs).

All remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) were also suspended. The order further emphasised that the transition to direct remittance of profit oil, royalty oil, and tax oil by contractors into the federation account must respect existing contractual and financing arrangements to preserve investor confidence.

To ensure a structured handover, the committee approved the establishment of a technical subcommittee tasked with developing detailed guidelines for the transition within three weeks.

“The subcommittee will simultaneously commence a review of the Petroleum Industry Act to address structural and fiscal anomalies that weaken Federation revenues,” the minister noted in the statement.

The subcommittee will be led by the special adviser to the president on energy, with members including the solicitor-general of the federation, the permanent secretary of the federal ministry of justice, the chairman of the Nigeria Revenue Service, and representatives from the forum of commissioners of finance and the ministry of state for petroleum resources, with secretarial support from the Budget Office of the Federation.

On maintaining stability during the transition, Edun added, “Until the committee issues detailed guidelines, contractors will continue to remit under the current process.”

Officials said the review will focus on closing loopholes, improving transparency, and aligning fiscal provisions with current market realities to strengthen federation revenues.

“The committee will continue to provide coordinated guidance and timely updates as implementation progresses.

It commends the cooperation of all stakeholders in advancing the president’s efforts to ensure that Nigeria’s petroleum resources deliver tangible, measurable benefits to citizens across the federation,” the statement read.