The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted over N322 billion and $116.9 million to the Federation Account in two months, following President Bola Tinubu’s Executive Order 9.
Documents from the March and April 2026 Federation Account Allocation Committee meetings show the transfers came after a directive requiring full remittance of crude oil and gas revenues. The order, signed in February 2026, aims to boost transparency and curb revenue leakages in the oil and gas sector.
For March 2026 receipts shared in April, NNPC remitted $29.28 million and N42.64 billion. It said 100% of crude oil and gas receipts were transferred in line with the order. Export earnings made up $25.7 million, with PSC profits contributing $3.52 million. Naira receipts included N37.67 billion from crude exports and N34.47 million from gas.
For February 2026 receipts shared in March, NNPC remitted $87.63 million and N121.34 billion, reflecting higher inflows that month.
NUPRC reported N34.2 billion in March 2026 from royalties, gas flare penalties, concession rentals and other upstream revenues. Royalties accounted for N18.69 billion, while gas flare penalties contributed N10.2 billion. The figure marked a drop from N124.4 billion in February due to lower royalty collections.
President Tinubu said the order was needed to end excessive deductions and overlapping charges that had weakened remittances.
The World Bank has urged full enforcement of the directive, calling for an end to revenue deductions at source and a shift to transparent budgetary funding for government agencies.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
