The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), is taking a strong stand against a new Executive oyrder signed by President Bola Tinubu, mandating the direct remittance of oil and gas revenues into the Federation Account.
The union is describing the directive — which requires royalty oil, tax oil, profit oil and gas revenues from production sharing contracts to be paid straight into the Federation Account — as a dangerous precedent that undermines the Petroleum Industry Act and threatens investor confidence in Nigeria’s energy sector.
PENGASSAN leaders said the move could erode established governance structures within the industry and create uncertainty for operators and international partners.
ait.live Correspondent, Abulu Osemuaghu is at the venue of a protest in Abuja, the Nigerian capital by members of the oil and gas workers Union
(Editor: Ken Eseni)
