The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has backed President Bola Tinubu\u2019s Executive Order on direct oil revenue remittance to the Federation Account.<\/p>\n
In a statement by a PETROAN spokesperson, Joseph Obele, on Saturday, the petroleum retailers said the Executive Order would make the country\u2019s state-owned oil firm, Nigerian National Petroleum Company Limited, accountable and commercially viable.<\/p>\n
President Tinubu had on Thursday issued an Executive Order stripping NNPCL of several streams of revenue.<\/p>\n
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, had rejected the order on the grounds that it would affect jobs.<\/p>\n
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.<\/p>\n
He noted that compelling NNPCL to remit revenues directly reinforces its transformation into a commercially disciplined national energy company.<\/p>\n
\u201cPETROAN views this decisive action as a bold step toward enhancing accountability, eliminating revenue leakages, and reinforcing public confidence in the management of Nigeria\u2019s petroleum resources,\u201d the statement said.<\/p>\n
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