The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has outlined conditions for President Bola Tinubu regarding the recently issued Executive Order (EO9) on the remittance of oil and gas revenue to the Federation Account.

In an interview on Arise Television on Friday, PENGASSAN President Festus Osifo urged the President to revoke the Executive Order, form a review team, examine the Petroleum Industry Act (PIA), and assess its strengths and weaknesses.

The Executive Order was introduced to safeguard and enhance oil and gas revenues for the Federation, curb wasteful spending, eliminate duplicative structures in the sector, and redirect resources for the benefit of Nigerians.

PENGASSAN emphasized the need for continued stakeholder engagement following the restructuring of oil and gas revenue remittances under the Executive Order.

Osifo said, “No law is perfect, and the law of the land can always be reviewed. We have heard over the past year that the President planned to send an Executive Bill to the National Assembly to amend the PIA. That is the correct approach—you don’t put the cart before the horse.

“The President should withdraw the Executive Order, set up a team to review the PIA, and identify its pros and cons. Since amendments are possible, the bill should then go to the National Assembly, where all stakeholders can provide their input. That is how laws are refined. That is exactly what we want the President to do.

“The 2% deduction from the NNPC under the Executive Order is what the corporation uses to pay salaries. When revenue declines in any organization, the workforce is always the first to suffer. The employees of NNPC today are an endangered species.”