The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted over ₦322 billion and $116.9 million into the Federation Account within two months following the implementation of Executive Order 9 signed in February 2026, documents presented at the Federation Account Allocation Committee meetings have shown.
The documents, obtained from presentations made by both agencies at the March and April FAAC meetings, indicated that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.
The document for January 2026 remittance was not uploaded by the committee.
Executive Order 9, signed by President Bola Tinubu in February 2026, was introduced to strengthen transparency, improve revenue accountability, and boost inflows into the Federation Account at a time the government is grappling with fiscal pressures and rising expenditure demands.
According to the directive, the President invoked Section 5 of the Constitution of the Federal Republic of Nigeria (as amended), anchored on Section 44(3), which vests ownership and control of all minerals, mineral oils, and natural gas in the Government of the Federation.
Tinubu said excessive deductions, overlapping funds, and structural distortions in the oil and gas sector had weakened remittances to the Federation Account and warned that the practice must end to protect national revenue.
“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 the FAAC documents showed that the NNPC remitted a total of $29.28 million and ₦42.64 billion for March 2026 crude oil and gas receipts, which were shared in April 2026.
The national oil company stated in its presentation that “100 per cent of the 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 document showed that the receipts came from multiple revenue streams, including Production Sharing Contract profits, crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, gas receipts, and miscellaneous crude and gas earnings.
A breakdown of the March remittance indicated that crude oil export earnings accounted for $25.7 million, while PSC profits contributed $3.52 million. On the naira side, crude oil export proceeds stood at ₦37.67 billion, while miscellaneous crude revenue amounted to ₦42.64 billion. Gas revenue contributed ₦34.47 million.
The document further showed that PSC profit inflows were split between the Federation Sub-Account and the Federation Account in line with the statutory sharing formula.
According to the presentation, the Federation Sub-Account received 60 per cent of PSC profits, amounting to $11.71 million and ₦826.74 million, while the Federation Account received 40 per cent valued at $17.57 million and ₦1.24bn.
The total transfer for the month stood at $29.28m and ₦42.64 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 $87.63 million and ₦121.34 billion to the Federation Account
The PUNCH