An energy expert, Nick Agule, has said that the Petroleum Industry Act, PIA,, contravenes Nigeria’s constitution.
Agule made this statement on Friday on Arise Television’s ‘Morning Show’.
He was reacting to the signing of an Executive Order by President Bola Tinubu for remittance of oil and gas revenue to the Federation Account.
DAILY POST reports that President Tinubu signed an Executive Order to safeguard and enhance oil and gas revenues for the Federation and curb wasteful spending.
The Executive Order also eliminates duplicative structures in the critical sector of the national economy, redirecting resources for the benefit of the Nigerian people.
Airing his views on the development, Agule said, “President Tinubu is right to issue Executive Order 9, ensuring NNPCL’s oil remittances comply with the constitution.
“The constitution states all Federation revenue goes to the Federation Account. But the 2021 PIA kidnapped these funds on their way to the Federation Account, putting them beyond government oversight.
“The President has taken the right step. The President, in deciding to issue Executive Order 9, is standing by the constitution.