Nigeria, Feb. 20 -- The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Thursday rejected President Bola Tinubu's newly signed executive order mandating the direct remittance of oil and gas revenues to the Federation Account.

The union described the directive as a dangerous precedent that could undermine the Petroleum Industry Act (PIA) and erode investor confidence in the sector.

The union called on the president to immediately withdraw the order, arguing that an executive order cannot override an existing law enacted by the National Assembly.

On Wednesday, Mr Tinubu signed an executive order directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under product...