The Nigerian National Petroleum Company Limited (NNPC) 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 by President Bola Tinubu in February 2026.
According to documents presented at recent Federation Account Allocation Committee (FAAC) meetings, the remittances followed a Federal Government directive mandating the full transfer of crude oil and gas revenues into the Federation Account to improve transparency and accountability in the oil sector.
The reports showed that:
- NNPC remitted $87.63 million and ₦121.34 billion for February 2026 crude oil and gas receipts shared in March.
- The company also transferred $29.28 million and ₦42.64 billion for March 2026 receipts shared in April.
The NUPRC separately remitted:
- ₦124.4 billion in February
- ₦34.2 billion in March
from royalties, gas flare penalties, concession rentals, and other oil-related revenues.
President Tinubu introduced Executive Order 9 to end what he described as “excessive deductions” and revenue leakages that had weakened remittances meant for federal, state, and local governments.
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