Executive Order: PENGASSAN cautions Fed Govt
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned the Federal Government over the Executive Order recently signed by President Bola Tinubu on the oil and
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned the Federal Government over the Executive Order recently signed by President Bola Tinubu on the oil and gas sector.
The union warned that the directive could unsettle investors, weaken foreign exchange earnings and pile fresh pressure on the naira if not properly handle.
President Tinubu had, on Wednesday, signed an executive order for the direct remittance of oil and gas revenues into the Federation Account.
Advertisement
300x250
Addressing reporters on the “New Executive Order and its Implications on the Oil and Gas Industry in Nigeria” in Lagos, PENGASSAN President Festus Osifo said the union was completely sidelined.
“The only information available to us was that there would be an Executive Bill to amend the Petroleum Industry Act,” he said, referring to the Petroleum Industry Act.
“We were preparing for engagement at the National Assembly. Instead, what came was an Executive Order. We were not carried along,” he said.
Read Also: Nigeria to pioneer regional fishing vessel register in Gulf of Guinea – Oyetola
The PENGASSAN President said the Executive Order, if not properly handled, would negatively affect the operations and liquidity of the Nigerian National Petroleum Company Limited (NNPCL), such that salaries of workers and other financial obligations would be challenged.
Osifo said PENGASSAN was not consulted, adding that the union had expected an executive bill for which they were ready to make presentations to the appropriate committee of the National Assembly during public hearings.
He said PENGASSAN would engage with other sister associations, unions, and relevant stakeholders to find a solution to the issue.
