The Federal Government has commenced the implementation of Executive Order 9 of 2026, mandating the direct remittance of oil revenues into the Federation Account Allocation Committee (FAAC). The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in a statement issued on Monday following the inaugural meeting of the implementation committee established to enforce the order. The move follows a directive by President Bola Tinubu requiring that revenues accruing from petroleum operations be managed strictly in line with constitutional provisions to protect funds due to the three tiers of government. Edun said the committee reaffirmed the President’s directive, stressing that revenue management must safeguard allocations meant for federal, state and local...