The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted over N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed by President Bola Ahmed Tinubu.
Documents presented at meetings of the Federation Account Allocation Committee showed that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.
Executive Order 9, signed in February 2026, was introduced to improve transparency, strengthen revenue accountability and boost inflows into the Federation Account as the government battles rising fiscal pressures and increasing expenditure demands.
According to the directive, the President invoked provisions of the Constitution granting the Federal Government ownership and control over mineral resources, crude oil and natural gas.
Tinubu said excessive deductions, overlapping charges and structural distortions within the oil and gas sector had weakened remittances to the Federation Account over the years.
“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.
Findings from the FAAC documents showed that the NNPC remitted a total of $29.28m and N42.64bn for March 2026 crude oil and gas receipts shared in April 2026.
The national oil company stated that “100 per cent of the total crude oil and gas receipts” were transferred into the Federation Account in compliance with Executive Order 9.
The documents revealed that the revenue came from multiple streams, including crude oil exports, Production Sharing Contract profits, domestic crude sales to the Dangote Petroleum Refinery, gas receipts and other miscellaneous earnings.
A breakdown of the March remittance showed that crude oil export earnings accounted for $25.7m, while PSC profits contributed $3.52m.
The documents further showed that for February 2026 receipts shared in March, the NNPC remitted $87.63m and N121.34bn into the Federation Account.
The NUPRC separately disclosed that it remitted N34.2bn in March 2026 from oil and gas royalties, gas flare penalties, concession rentals and miscellaneous oil revenues.
According to the commission, the remittance was made in line with its statutory responsibility to transfer all collectable upstream petroleum revenues into the Federation Account.
A breakdown of the NUPRC collections showed that oil and gas royalties generated N18.69bn, while gas flare penalties contributed N10.2bn.
However, the March remittance represented a major decline compared to the N124.4bn generated in February 2026, mainly due to lower royalty collections during the period.
The latest remittance figures highlight the Federal Government’s renewed efforts to improve oil revenue accountability and reduce leakages within the petroleum sector.
The development is also expected to increase monthly FAAC allocations to federal, state and local governments at a time when many states are facing rising debt obligations and infrastructure funding pressures.
The World Bank had earlier called for stricter enforcement of Executive Order 9, urging the Federal Government to fully implement the directive by ending revenue deductions at source and improving transparency across Ministries, Departments and Agencies.
