The Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted more than N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed by President Bola Tinubu in February 2026.
The remittances were disclosed in documents presented at recent Federation Account Allocation Committee meetings, showing that the inflows followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.
Executive Order 9 was introduced to strengthen transparency, improve revenue accountability, and increase inflows into government coffers amid growing fiscal pressures and rising public expenditure demands.
President Bola Tinubu said the directive became necessary due to excessive deductions, overlapping charges, and structural distortions in the oil and gas sector that had weakened remittances meant for the federation.
According to the documents, the NNPCL remitted $29.28m and N42.64bn for March 2026 crude oil and gas receipts shared in April 2026.
The national oil company stated that the entire crude oil and gas receipts for the period were transferred to the Federation Account in compliance with the executive order.
The receipts were generated from multiple revenue streams, including crude oil exports, Production Sharing Contract profits, domestic crude sales, gas receipts, and other miscellaneous earnings.
A breakdown showed that crude oil export earnings contributed $25.7m, while PSC profits accounted for $3.52m. On the naira side, crude oil export proceeds stood at N37.67bn, while miscellaneous crude revenue amounted to N42.64bn.
The documents also revealed that the NNPCL remitted $87.63m and N121.34bn for February 2026 receipts shared in March, reflecting stronger crude oil and gas earnings during the period.
Separately, the NUPRC remitted N34.2bn in March 2026 from royalties, gas flare penalties, concession rentals, and other oil-related revenues.
According to the commission, the remittance was made in line with its statutory obligation to transfer all collectable upstream petroleum revenues into the Federation Account.
The commission disclosed that oil and gas royalties generated N18.69bn in March, while gas flare penalties contributed N10.2bn. Miscellaneous oil revenue stood at N4.95bn, while concession rentals contributed N364.06m.
However, the March remittance represented a sharp decline compared to the N124.4bn collected in February 2026, mainly due to lower royalty collections during the period.
The latest remittance figures highlight the Federal Government’s renewed push to improve accountability and transparency in the oil sector, while boosting monthly allocations to the three tiers of government.
The development is also expected to support states facing increasing debt obligations, wage demands, and infrastructure funding challenges as the government intensifies efforts to stabilise public finances and improve oversight across the petroleum industry.
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