The Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have remitted over N322 billion and $116.9 million into the Federation Account within two months of implementing Executive Order 9 signed by President Bola Tinubu in February 2026.
Documents presented at the March and April meetings of the Federation Account Allocation Committee (FAAC) confirmed the remittances, which followed the presidential directive mandating full transfer of crude oil and gas revenues to the Federation Account without previous deductions.
Executive Order 9 was introduced to enhance transparency, strengthen revenue accountability, and increase inflows into the Federation Account amid ongoing fiscal challenges.
President Tinubu invoked relevant constitutional provisions, emphasising that excessive deductions and structural distortions in the oil and gas sector had previously weakened remittances to federal, state, and local governments.
“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 had stated.
For February 2026 receipts (shared in March), the NNPC remitted 100% of crude oil and gas earnings amounting to $87.63 million and N121.34 billion.
In March 2026 (shared in April), it remitted an additional $29.28 million and N42.64 billion.
The NUPRC also remitted N34.2 billion in March 2026 from royalties, gas flare penalties, concession rentals, and miscellaneous oil revenue, in line with its statutory obligations.
The improved remittances are expected to boost FAAC allocations to the three tiers of government.
The move aligns with the Federal Government’s broader efforts to plug revenue leakages, stabilise public finances, and enhance oversight in the petroleum sector.
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