The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted more than N322 billion and $116.9 million into the Federation Account within two months of the implementation of Executive Order 9, signed in February 2026, according to documents presented at Federation Account Allocation Committee meetings.

The documents, drawn from presentations by both agencies at the March and April Federation Account Allocation Committee meetings, showed that the remittances were made in compliance with the Federal Government’s directive requiring the full transfer of crude oil and gas revenues into the Federation Account.

However, the committee did not upload the document covering January 2026 remittances.

The policy, contained in Executive Order 9 signed in February 2026 by President Bola Tinubu, was introduced to enhance transparency, strengthen revenue accountability, and increase inflows into the Federation Account amid ongoing fiscal pressures and rising government expenditure needs.

According to the directive, President Bola Tinubu, invoking Section 5 of the Constitution of the Federal Republic of Nigeria (as amended) and anchored on Section 44(3), stated that ownership and control of all minerals, mineral oils, and natural gas are vested in the Government of the Federation.
He further argued that excessive deductions, overlapping funding structures, and long-standing distortions within the oil and gas sector had significantly weakened remittances to the Federation Account.

Tinubu warned that such practices must be discontinued to safeguard national revenue and improve fiscal efficiency.

“For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end,” he said on his verified X handle.

Findings from FAAC documents showed that the Nigerian National Petroleum Company Limited remitted a total of $29.28 million and N42.64 billion for March 2026 crude oil and gas receipts, which were distributed in April 2026.

In its presentation, the national oil company stated that “100 per cent of total crude oil and gas receipts of $29,278,415.96 and N2,066,841,328.73 were remitted to the Federation in compliance with Executive Order 9 of February 2026.”

The documents further indicated that the inflows were generated from several revenue streams, including Production Sharing Contract profits, crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, gas earnings, and other miscellaneous crude and gas revenues.

A breakdown of the March 2026 remittance showed that crude oil export earnings accounted for $25.7 million, while Production Sharing Contract (PSC) profits contributed $3.52 million.

On the naira side, crude oil export proceeds stood at N37.67 billion, while miscellaneous crude revenue totalled N42.64 billion. Gas revenue added a further $34.47 million.

The document also indicated that PSC profit inflows were shared between the Federation Sub-Account and the Federation Account in line with the statutory allocation formula.

According to the presentation, the Federation Sub-Account received 60 per cent of PSC profits, amounting to $11.71 million and N826.74 million, while the Federation Account received 40 per cent, valued at $17.57 million and N1.24 billion.

According to the presentation, the Federation Sub-Account received 60 per cent of Production Sharing Contract (PSC) profits, amounting to $11.71 million and N826.74 million, while the Federation Account received the remaining 40 per cent, valued at $17.57 million and N1.24 billion.

Overall, total transfers for the month stood at $29.28 million and N42.64 billion.

Similarly, the NNPC disclosed that for February 2026 receipts shared in March 2026, it remitted 100 per cent of crude oil and gas earnings totalling $87.63m and N121.34bn to the Federation Account.

The document stated, “Federation Accounts: 100 per cent of the total crude oil and gas receipts of $87,629,089.84 and N1,957,563,915.65 were remitted to the Federation.”

The February 2026 inflows were significantly higher than March, reflecting stronger crude oil and gas revenue performance during the period.

According to the FAAC documents, a total of $87.63 million and N121.34 billion was remitted for February 2026 receipts, which were shared in March.
This compares with $29.28 million and N42.64 billion remitted for March 2026 receipts, shared in April.

The documents also showed that the Nigerian Upstream Petroleum Regulatory Commission separately remitted N34.2 billion in March 2026.

The amount was generated from royalties, gas flare penalties, concession rentals, and other miscellaneous oil-related revenues.

A breakdown of the Nigerian Upstream Petroleum Regulatory Commission collections showed that oil and gas royalties generated N18.69 billion in March 2026, while gas flare penalties contributed N10.2 billion.

Miscellaneous oil revenue, which includes licences and permits, stood at N4.95 billion, while concession rentals added N364.06 million.

However, the March remittance reflected a sharp decline compared to the N124.4 billion collected in February 2026.

The documents attributed the drop largely to reduced royalty inflows, which fell from N104.31 billion in February to N18.69 billion in March, a decrease of N85.62 billion.

Gas flare penalties also recorded a decline of N3.96 billion over the same period.

Overall, the Nigerian Upstream Petroleum Regulatory Commission generated N124.4 billion in February 2026, compared to N34.2 billion in March 2026.