Further to the endorsement of Executive Order 9 by President Bola Tinubu, the implementation committee, chaired by the Minister of Finance and coordinating Minister for the economy, Mr Wale Edun, has halted with immediate effect all remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF). In addition, the committee approved the establishment of a technical sub-committee to develop detailed guidelines for the transition to direct remittance within three weeks and to commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken federation revenues. In a press statement signed by Minister Edun, it named Special Adviser to the President on Energy as chair of the technical sub – committee. Other member...