CBN Governor Olayemi Cardoso disclosed this on Tuesday while addressing journalists after the bank’s 304th Monetary Policy Committee (MPC) meeting.

According to Cardoso, members of the MPC expressed support for the presidential directive.

“Members welcomed the issue of Presidential Executive Order 09, which redirects oil and gas revenue into the federation account.

“The committee acknowledges the potential impact of the order on improving fiscal revenue and accretion to reserves,” he said.

Last week Wednesday, President Tinubu issued the executive order, a move that has generated mixed reactions within the oil and gas sector. The directive effectively redirects certain revenue streams previously retained by the Nigerian National Petroleum Company Limited (NNPC) into the federation account.

While some industry stakeholders have supported the move, arguing it could enhance transparency and boost government earnings, others have criticised it, claiming it may conflict with provisions of the Petroleum Industry Act (PIA).

Energy experts and petroleum retailers have also urged the president to seek legislative backing from the National Assembly to strengthen the legal standing of the executive order.