FAAC Receives 100% Profit Oil From NNPC as Tinubu’s Executive Order 9 Takes Effect

FAAC Receives 100% Profit Oil From NNPC as Tinubu’s Executive Order 9 Takes Effect

The federation account allocation committee (FAAC) received a 100 percent of profit oil from production sharing contracts (PSCs) from the Nigerian National Petroleum Company (NNPC) Limited in February.

This is according to the February oil and gas revenue distribution figures from FAAC seen by TheCable on Saturday.

The development means the implementation of Executive Order 9 (EO9) recently signed by President Bola Tinubu has commenced.

More to follow…