The Renewed Hope Ambassador Coordinator for Agege Federal Constituency and former Executive Chairman of Agege Local Government, High Chief (Alh.) Ganiyu Kola Egunjobi (JP), has commended President Bola Ahmed Tinubu for signing Executive Order 9 of 2026, describing it as a landmark reform aimed at strengthening transparency and accountability in Nigeria’s oil and gas sector.
Reacting to the President’s nationwide address on the new directive, Egunjobi said the order mandating that all Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and other government entitlements be paid directly into the Federation Account reflects a firm commitment to protecting national resources and enhancing public finance management.
According to him, the Executive Order addresses long-standing structural issues that have weakened revenue flows to the federal, state, and local governments.
He noted that excessive deductions, overlapping funding arrangements, and revenue retention mechanisms had over time created distortions in the management of oil proceeds.
“This Executive Order is a strong demonstration of leadership and patriotism,” Egunjobi stated. “By dismantling opaque retention structures that constrained revenue remittances, President Tinubu has reinforced confidence in the system and reaffirmed that Nigeria’s wealth must serve the interests of its people.”
Egunjobi also highlighted the discontinuation of the additional 30 percent management fee and the 30 percent Frontier Exploration deduction as a major fiscal correction that would enhance budgetary planning and restore public trust in revenue administration.
He further welcomed the clarification of the operational status of NNPC Limited, stressing that its role strictly as a commercial enterprise aligns with existing laws and eliminates duplicative deductions and fragmented oversight.
“The President has made it clear that accountability must prevail,” he said. “Ensuring that NNPC Limited operates commercially while revenues flow transparently into the Federation Account is critical to strengthening our economy and attracting investment.”
The former council chairman also praised the establishment of an Implementation Committee to oversee the execution of the Order, as well as plans for a comprehensive review of the Petroleum Industry Act to address structural and fiscal gaps.
“These measures reflect foresight and seriousness of purpose,” Egunjobi added. “They show that the reform is designed to be practical, effective, and sustainable.”
He stated further that the Executive Order would boost the Federation Account, improve fiscal capacity, and support investments in security, education, healthcare, economic stability, and Nigeria’s energy transition.
Egunjobi maintained that the move underscores the administration’s commitment to its Renewed Hope Agenda, assuring Nigerians that national resources are being safeguarded for present and future generations.
