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From Adewale Sanyaolu and Chukwuma Umeorah
President Bola Tinubu’s latest executive order has ignited a fresh confrontation in Nigeria’s oil and gas sector, with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) warning that the directive could unsettle investors, weaken foreign exchange earnings and pile fresh pressure on the naira.
Recall that President Bola Tinubu had on Wednesday signed an executive order for the direct remittance of oil and gas revenues to the Federation Account.
Addressing a press conference on the “New Executive Order and its Implications on the Oil and Gas Industry in Nigeria” in Lagos yesterday, PENGASSAN President, Mr. Festus Osifo, said the union was completely blindsided.
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“The only information available to us was that there would be an Executive Bill to amend the Petroleum Industry Act,” he said, referring to the Petroleum Industry Act.
“We were preparing for engagement at the National Assembly. Instead, what came was an Executive Order. We were not carried along.”
According to Osifo, the method of introduction is as troubling as the substance.
