Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted more than N322 billion and $116.9 million into the Federation Account within two months following the implementation of Executive Order 9.

According to documents presented at the Federation Account Allocation Committee (FAAC) meetings, the remittances improved from the February and March receipts of the two organisations, following the enactment of the Executive Order by President Bola Tinubu, last February.

 

The documents, obtained from presentations made by both agencies at the March and April FAAC meetings, showed that the remittances followed a Federal Government directive mandating the full transfer of crude oil and gas revenues into the Federation Account.

 

However, the January 2026 remittance report was not uploaded by the committee.

 

Executive Order 9 was introduced to strengthen transparency, improve revenue accountability and increase inflows into the Federation Account amid mounting fiscal pressures and rising government expenditure obligations.

 

Invoking Section 5 of the Constitution, anchored on Section 44(3), Tinubu stated that all minerals, mineral oils and natural gas are vested in the Government of the Federation and warned against continued revenue leakages in the petroleum sector.

 

“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,” the President said on his verified X account.

 

FAAC documents showed that the NNPC remitted a total of $29.28 million and N42.64 billion from March 2026 crude oil and gas receipts, which were shared in April 2026.

 

According to the national oil company, “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 receipts were generated from several 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 showed 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 N37.67 billion, while miscellaneous crude revenue amounted to N42.64 billion. Gas revenue contributed N34.47 million.

 

The document further indicated that PSC profit inflows were split between the Federation Sub-Account and the Federation Account in line with the statutory sharing formula.

 

Under the arrangement, the Federation Sub-Account received 60 per cent of PSC profits amounting to $11.71 million and N826.74 million, while the Federation Account received 40 per cent valued at $17.57 million and N1.24 billion.

 

The total transfer for the month stood at $29.28 million and N42.64 billion.

 

For February 2026 receipts shared in March, the NNPC disclosed that it remitted 100 per cent of crude oil and gas earnings totalling $87.63 million and N121.34 billion to the Federation Account.

 

The company stated: “Federation Accounts: 100 per cent of the total crude oil and gas receipts of $87,629,089.84 and N1,957,563,915.65 were remitted to the Federation.”

 

The February figures represented significantly higher inflows compared to March, reflecting stronger crude oil and gas revenue performance during the period.

 

Combined figures from the two months showed total remittances of $116.91 million and more than N163.98 billion by the NNPC alone.

 

Separately, the NUPRC remitted N34.2 billion in March 2026 from royalties, gas flare penalties, concession rentals and miscellaneous oil revenue.

 

According to the commission, the remittance was made in compliance with its statutory obligation to transfer all collectible upstream petroleum revenues into the Federation Account.

 

“This report is a summary of royalties (oil and gas), gas flared penalty, rents, and miscellaneous oil revenue collected by the Nigerian Upstream Petroleum Regulatory Commission and remitted to the Federation Account as statutorily mandated,” the commission stated.

 

A breakdown of the collections showed that oil and gas royalties generated N18.69 billion in March, while gas flare penalties contributed N10.2 billion. Miscellaneous oil revenue stood at N4.95 billion, while concession rentals contributed N364.06 million.

 

However, the March remittance marked a sharp decline from the N124.4 billion collected in February 2026.

 

The documents attributed the decline mainly to lower royalty collections, which fell from N104.31 billion in February to N18.69 billion in March, representing a decrease of N85.62 billion.

 

Gas flare penalties also dropped by N3.96 billion during the period under review.

 

Combined remittances from the NNPC and NUPRC over the two-month period exceeded N322 billion alongside the $116.9 million inflow.

 

The latest figures highlight the Federal Government’s renewed efforts to improve oil revenue accountability amid longstanding concerns over leakages, under-remittances and declining federation earnings.

 

The implementation of Executive Order 9 comes as authorities intensify efforts to stabilise public finances, improve crude oil production and strengthen oversight across the petroleum value chain.

 

The development is also expected to increase monthly FAAC allocations to federal, state and local governments at a time when many states are grappling with debt obligations, wage pressures and infrastructure financing challenges.

 

Meanwhile, the World Bank has called for stricter enforcement of Executive Order 9, urging the Federal Government to end revenue deductions at source and transition Ministries, Departments and Agencies to transparent budgetary funding.

 

“Further consolidation of recent gains of Executive Order 9 will require rationalizing remaining cost-of-collection arrangements and transitioning MDA financing to transparent budget appropriations,” the report stated.