The Federal Government has commenced the implementation of Executive Order 9 of 2026, which mandates the direct remittance of oil revenues to the Federation Account Allocation Committee. This followed the directive of President Bola Tinubu on the remittance to FAAC and the inaugural meeting of the implementation committee for the executive order. “For this reason, the Committee approved a defined transition period for the operationalisation of direct payments by contractors of profit oil, royalty oil, and tax oil into the Federation Account. During the transition period, the Committee will issue clear, standardised guidance to ensure an orderly changeover,” the statement added. The minister added that the committee would continue to provide coordinated guidance and timely updates as implementation progresses.

Source: Punch March 02, 2026 14:44 UTC