By Abubakar Yunusa
The Petroleum Products Retail Outlets Owners Association of Nigeria has thrown its weight behind President Bola Tinubu’s executive order mandating direct remittance of oil revenues into the federation account.
President Bola Tinubu had on February 18 signed the directive, stripping the Nigerian National Petroleum Company Limited of its oil revenue deduction powers.
In a statement on Saturday, PETROAN National President, Billy Gillis-Harry, described the move as a bold and reform-driven step aimed at strengthening accountability in the oil and gas sector.
He said the order would eliminate revenue leakages, enhance transparency and reinforce public confidence in the management of Nigeria’s petroleum resources.
According to him, centralised remittance of oil and gas revenues would deepen public oversight and promote fiscal discipline.
Gillis-Harry noted that improved and predictable inflows into the federation account could strengthen budget implementation and stabilise the macroeconomic environment.
He added that the directive would reposition NNPC as a truly commercial entity driven by efficiency, profitability and operational discipline.
The PETROAN boss said the order could also spur efforts to ensure government-owned refineries become fully functional and commercially viable.
He commended the Group Chief Executive Officer of NNPC, Bayo Ojulari, for steps taken to revitalise the Port Harcourt Refining Company, particularly following a recent inspection meeting with a Chinese technical partner.
Gillis-Harry recommended that the refinery adopt the governance structure of Nigeria LNG Limited, describing the NLNG Bonny model as a tested framework for operational efficiency and transparency.
He said embracing a commercially driven governance system similar to NLNG’s would enhance the refineries’ competitiveness, boost energy security and reduce Nigeria’s dependence on fuel imports.
The association maintained that the executive order aligns with global best practices in fiscal governance and strengthens Nigeria’s credibility among investors.
