The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has backed President Bola Tinubu’s Executive Order on direct oil revenue remittance to the Federation Account.
In a statement by a PETROAN spokesperson, Joseph Obele, on Saturday, the petroleum retailers said the Executive Order would make the country’s state-owned oil firm, Nigerian National Petroleum Company Limited, accountable and commercially viable.
President Tinubu had on Thursday issued an Executive Order stripping NNPCL of several streams of revenue.
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, had rejected the order on the grounds that it would affect jobs.
However, the National President of PETROAN, Billy Gillis-Harry, described the Executive Order as a courageous and reform-driven decision that aligns with global best practices in fiscal governance.
He noted that compelling NNPCL to remit revenues directly reinforces its transformation into a commercially disciplined national energy company.
“PETROAN views this decisive action as a bold step toward enhancing accountability, eliminating revenue leakages, and reinforcing public confidence in the management of Nigeria’s petroleum resources,” the statement said.