The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected President Bola Tinubu’s executive order on oil revenue, calling it a dangerous precedent that threatens the Petroleum Industry Act (PIA) and risks shaking investor confidence in the sector.
Speaking at a press briefing, PENGASSAN President Festus Osifo urged the president to immediately withdraw the orderhttps://thenews-chronicle.com/tinubu-orders-direct-oil-revenue-payments-to-federation-account/, stressing that an executive directive cannot override an existing law passed by the National Assembly.
Osifo warned that the move directly undermines key provisions of the PIA, sending the wrong signals to both domestic and international investors.
