The Nigerian National Petroleum Company Limited remitted a total of N2.89 trillion to the Federation Account in the first quarter of 2026.

The disclosure was contained in the company’s operational performance report for March 2026, indicating stronger fiscal contributions from Nigeria’s oil and gas sector.

The development comes as reforms continue across the petroleum value chain to enhance transparency, increase remittances, and improve overall efficiency.

NNPC Ltd’s first-quarter performance indicates a steady increase in statutory payments to the Federation Account, driven by improved production levels and stronger operational output. The data also points to a recovery in profitability in March following a weaker February performance.

The company remitted N726 billion in January, which rose sharply to N1.804 trillion in February. In March, it recorded a profit after tax of N276 billion on revenue of N2.774 trillion.

Crude oil and condensate production averaged 1.56 million barrels per day in March, reflecting improved output across operations.

On the Ajaokuta–Kaduna–KanGas Pipeline project, NNPC Ltd stated that it has completed welding of the 24-inch spur line to the Gwagwalada Independent Power Plant, with significant progress also recorded on outstanding mainline pre-commissioning works.

The company’s first-quarter 2026 remittances come amid ongoing Federal Government reforms aimed at strengthening transparency and accountability in the oil and gas sector.

NNPC’s increased contributions to the Federation Account align with recent policy directives focused on improving revenue management and reducing leakages in petroleum earnings.

The reforms have significantly reshaped the collection and remittance of oil revenues across the petroleum value chain.

President Bola Ahmed Tinubu signed an Executive Order in February 2026 introducing major reforms to oil revenue management.

The order suspended management fees and frontier exploration deductions previously retained by the Nigerian National Petroleum Company Limited, and mandated the full remittance of oil and gas revenues to the Federation Account.

It also established an inter-agency committee led by the Minister of Finance to oversee compliance and ensure strict implementation of the new revenue framework.