NNPC Remits ₦1.8 Trillion To Federation Account In February, Revenue Rises To ₦2.68 Trillion
NNPC reports ₦1.804 trillion remittance in February 2026, driven by improved revenue performance, policy reforms, and operational adjustments.
NNPC reports ₦1.804 trillion remittance in February 2026, driven by improved revenue performance, policy reforms, and operational adjustments.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has remitted a total of ₦1.804 trillion to the Federation Account for February 2026, marking a significant increase from the ₦726 billion recorded in January.
According to its latest Monthly Report Summary for February 2026, the surge reflects improved revenue generation and stricter remittance practices. The report also shows that total revenue rose to ₦2.68 trillion from ₦2.57 trillion in January, while profit after tax stood at ₦136 billion and crude oil and condensate production averaged 1.51 million barrels per day.
The company noted that the improved remittance performance follows recent policy changes aimed at strengthening transparency and accountability in the oil and gas sector. It stated, “February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline due to integrity issues, startup challenges of Stardeep Agbami GTC 2 and 3 following completion of turnaround maintenance, delayed completion of the Sterling Oguali flow station, and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges.”
In mid-February, Bola Ahmed Tinubu signed an Executive Order to overhaul revenue remittance practices, mandating the full remittance of oil and gas revenues to the Federation Account. The directive also suspended the collection of management and frontier exploration fees by NNPC Ltd.
The Executive Order further establishes an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economy to ensure effective execution, as part of broader reforms to align revenue flows with constitutional provisions.
NNPC also highlighted ongoing efforts to stabilise and boost oil production, attributing steady output to improved asset reliability and faster resolution of evacuation constraints. The company noted that increased collaboration with operators and stakeholders has contributed to production recovery across key assets.
It added that infrastructure development remains a priority, stating that it “Progressed construction and installation works aimed at delivering early gas to Abuja” on the AKK gas pipeline project.
The company expressed optimism that these operational and policy driven improvements will sustain revenue growth in the coming months.
