By Olawale Lamina
The Tinubu Media Volunteers, TMV, has applauded President Bola Tinubu’s new Executive Order, EO, which mandates the NNPC Limited to stop collecting 30% Frontier Exploration Fund and the 30% management fee on oil and gas profits, calling on the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to see merit in government’s decision.
in a statement signed by its Chairman Chukwudi Enekwechi and the Secretary, Segun Ogedengbe, the group also advised PENGASSAN to look beyond selfish consideration in its reaction to the executive order, pointing to the fact that it will enhance transparency and accountability in Nigeria’s oil and gas revenues as well as free up huge resources for distribution among the three tiers of government.
TMV said: “We have no doubt that this new measure will go a long way to stop wasteful spending, eliminate overlapping structures in the sector and ensure that resources are redirected to the benefit of Nigerians.
“With the new executive order in place, all royalties, taxes, profit oil, profit gas and gas flare penalties will be paid directly into the Federation Account.
“In turn, these revenues will be shared among the three tiers of government, and ultimately it will benefit all Nigerians.
” It is also a thing of joy that with the removal of duplicative fees and funds, we shall begin to witness transparency and reduction of leakages in the system.
“When these leakages are blocked NNPC Limited will also be repositioned to stand strong as a commercial entity.
“We are further gratified that the reforms will support national budgeting, debt sustainability, economic stability, and social development, particularly in the following areas: security, education, healthcare and energy transition projects.
“Additionally, the country’s natural resources will be utilised with greater transparency, efficiency and benefit to all Nigerians.”
The group therefore commended the Tinubu administration for the innovative move to free the nation’s resources for the benefit of all citizens.
It would be recalled that days after the signing of the Executive Order by the President mandating the direct remittance of oil and gas revenues to the Federation Account, PENGASSAN had condemned the move as a wrong precedent, capable or eroding investors confidence in the country and asking President Tinubu to immediately recall the order to avoid sending wrong signals to investors, arguing further that an executive order cannot set aside a law.
About The Author
