The Nigerian Federal Government has made amendments to the framework of Executive Order 9 of 2026, which governs the remittance of oil revenues. This recent change, confirmed by The PUNCH, comes as a response to practical challenges observed in enforcing the initial order that required all oil-related revenues to be directly remitted into the Federation Account. Instead, it has been decided that royalties and taxes will continue to be managed by the Nigerian National Petroleum Company Limited, with payments directed into a newly established account at the Central Bank of Nigeria.

The modifications follow discussions among stakeholders during a committee meeting aimed at addressing the operational difficulties faced by companies in adhering to the original remittance requirements. While officials who attended these discussions indicated that there is no intention to revoke the executive order entirely, they acknowledged the necessity to adapt its implementation to better align with the current industry context, thus ensuring more effective collection and remittance of oil revenues.

This adjustment highlights the government's ongoing efforts to streamline and bolster revenue collection from one of the country's most critical sectors, particularly as it relates to the national economy. With oil being a significant source of revenue, the restructured framework aims to ensure that the remittance processes are both efficient and sustainable, while also safeguarding the interests of the government and the oil sector's operational realities.