The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concern over the Executive Order signed by President Bola Tinubu mandating the direct remittance of oil and gas revenues into the Federation Account, warning of possible economic fallout if poorly implemented.

Speaking in Lagos at a press briefing titled “New Executive Order and its Implications on the Oil and Gas Industry in Nigeria”, PENGASSAN President Festus Osifo said the union was not consulted before the directive was issued.

“The only information available to us was that there would be an Executive Bill to amend the Petroleum Industry Act,” he said.

“We were preparing for engagement at the National Assembly. Instead, what came was an Executive Order. We were not carried along,” he added.

Osifo warned that the directive could unsettle investors, strain foreign exchange earnings, and mount further pressure on the naira. He also cautioned that the policy might disrupt the operations and liquidity of the Nigerian National Petroleum Company Limited (NNPCL), with potential implications for workers’ salaries and financial obligations.

He said PENGASSAN had expected an executive bill that would allow stakeholder input during public hearings at the National Assembly, adding that the union would begin consultations with other labour bodies and industry stakeholders to determine its next steps.