By Oke Peter
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed strong opposition to the recent directive mandating the direct remittance of oil and gas revenues to the Federation Account Allocation Committee (FAAC).
The association has called on President Bola Tinubu to immediately withdraw the executive order that removed the Nigerian National Petroleum Company (NNPC) Limited’s authority to deduct oil revenues at source.
On February 18, President Tinubu signed an executive order directing the direct payment of oil and gas proceeds into FAAC, effectively stripping the Nigerian National Petroleum Company Limited of its long-standing revenue deduction powers.
Speaking at a press briefing on Thursday, PENGASSAN National President, Festus Osifo, described the executive order as a “direct attack” on the provisions of the Petroleum Industry Act (PIA). He warned that the directive undermines the legal and operational framework established to guide the oil and gas sector.
PENGASSAN maintained that any policy shift affecting the structure and financial operations of NNPC Limited should align strictly with the Petroleum Industry Act to safeguard transparency, stability, and investor confidence in the industry.
