By Juliet Ezeh
The Capital Market Academics of Nigeria (CMAN) has strongly endorsed President Bola Tinubu’s Executive Order 9 of 2026, describing it as a bold and historic reform that restores fairness and transparency in Nigeria’s oil and gas revenue system.
Signed on February 13, 2026, the order mandates that 60 percent of oil and gas profits be directly remitted to the Federation Account, reversing a decade-long arrangement under the Petroleum Industry Act (PIA) of 2021, which allowed the Nigerian National Petroleum Company Limited (NNPCL) to retain the bulk of proceeds.
According to CMAN President, Prof Uche Uwaleke, the reform corrects a structural imbalance that undermined national equity. “For too long, the Federation Account received only 40 percent of proceeds from Production Sharing Contracts, while NNPCL kept the remaining 60 percent—divided between management fees and the Frontier Exploration Fund. Today, all tiers of government will finally benefit equitably from the nation’s oil wealth,” he said.
Prof Uwaleke described the order as “one of the most courageous reforms of this administration,” noting that it strengthens fiscal transparency and accountability while reinforcing the principle of collective ownership of national resources.
CMAN also called for robust institutional safeguards to ensure the policy achieves its intended impact, recommending that the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) be included in the oversight committee. The group further urged that Joint Venture (JV) assets be brought under similar arrangements to maximize national revenue.
“This is a victory for fiscal justice in Nigeria,” Uwaleke said. “The anticipated surge in revenue will empower federal, state, and local governments to deliver critical services, while boosting investor confidence and stimulating capital markets.”
The reform represents a seismic shift in Nigeria’s oil fiscal policy, reclaiming 60 percent of oil and gas profits previously held by NNPCL and ensuring that public funds truly serve public interests. CMAN hailed the order as a transformative step toward equitable revenue distribution and national economic empowerment, calling on all stakeholders to actively support the initiative.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.