The Nigerian National Petroleum Company Limited (NNPC Ltd) said it remitted a total of N1.804 trillion to the Federation Account in February 2026. This is according to its latest Monthly Report Summary, February 2026. The figure represents a sharp increase from the N726 billion recorded in January, reflecting improved revenue performance and stricter remittance practices.
NNPC’s February report highlights improvements across key financial and operational indicators. Major highlights include total revenue rising to N2.68 trillion in February from N2.57 trillion in January, statutory remittances surged to N1.804 trillion, up from N726 billion in the previous month, profit after tax stood at N136 billion, indicating improved profitability, and crude oil and condensate production averaged 1.51 million barrels per day in February.
NNPC’s improved remittance performance follows recent policy changes aimed at strengthening revenue transparency in the oil and gas sector. It stated, “February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline due to integrity issues, start-up challenges of Stardeep Agbami GTC 2 and 3 following completion of turnaround maintenance, delayed completion of the Sterling Oguali flow station, and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges.” In mid-February 2026, President Bola Ahmed Tinubu signed an Executive Order to overhaul revenue remittance practices.
The directive suspended the collection of management and frontier exploration fees by NNPC Ltd. It also mandated the full remittance of oil and gas revenues to the Federation Account. The Executive Order also establishes an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economy to ensure seamless execution.
These measures are part of broader reforms to align revenue flows with constitutional provisions and improve accountability.