The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over weak budget execution in Nigeria, warning that the Federal Government’s approach to spending rising oil revenues rather than saving them could undermine long-term fiscal stability. Speaking at its quarterly review of the economy in Lagos, LCCI President Leye Kupoluyi noted that global geopolitical tensions, particularly…
The federal government has started implementing Executive Order 9 of 2026, which directs that oil revenues be remitted directly to the Federation Account Allocation Committee (FAAC). Finance Minister Wale Edun announced on Monday that the implementation follows the inaugural meeting of the order’s committee on February 26, 2026. The committee reaffirmed the president’s directive to…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected President Bola Tinubu’s newly signed Executive Order directing that oil and gas revenues be paid directly into the Federation Account. The union described the move as a dangerous precedent that could weaken the Petroleum Industry Act (PIA) and discourage investment in the…
