In a significant boost to Nigeria’s national coffers, the Nigerian National Petroleum Company Limited (NNPC) has reported a 60 percent surge in remittances to the Federation Account, which stood at N2.88 trillion in March, up from N1.80 trillion in February 2026.
- +Executive order lifts NNPC’s remittances to FAAC by 60%
- +…as profit after tax soars by over 100% to N276 bn in March
This follows the Executive Order No.
…as profit after tax soars by over 100% to N276 bn in March
This follows the Executive Order No. 9 signed by President Tinubu in February to stop the Nigerian National Petroleum Company Limited (NNPCL) from deducting 30% for the Frontier Exploration Fund (FEF) and 30% for management fees from profits.
The order mandates all royalty, tax, and profit oil/gas be remitted directly to the Federation Account to maximise government revenue.
The company also reported a staggering surge in its bottom line, with profit after tax soaring by over 100 percent from N136 billion in February to N276 billion for the month of March.
According to the company’s monthly report summary for March, it also recorded an increase in total revenue, which stood at N2.77 trillion in the period, up from N2.68 trillion recorded in February 2026.
The report showed an increase in crude oil production from 1.27 million barrels per day to 1.32 million barrels per day in March, while condensate production remained at the same volume as of February (0.24 mbpd). However, the company recorded a drop in the value of crude oil sales in the period at N17.27 mmbbls, representing a drop from N22.09 mmbbls in February.
Gas production also increased in the period from 7,748 mmscf/d in February to 7,731 mmscf/d in March.
The company stated that it has continued to strengthen production resilience by executing restoration plans focused on improving asset reliability, resolving evacuation constraints, and implementing other targeted recovery initiatives.
“Production improved compared to the previous month, driven by the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule. However, the Trans Forcados Pipeline (TFP) outage, resulting from a leak at the Keremor axis, negatively impacted production volumes, leading to curtailments across several assets from 20 February to 25 March, alongside other operational challenges,” the report stated.
On the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, the company said that it has completed welding of the 24″ spur line to Gwagwalada Independent Power Plant with significant progress recorded for outstanding mainline pre-commissioning works.
On OB3 River Niger Crossing, the company said drilling operations continued in March; however, in the month of April, the NNPC Gas Infrastructure Company (NGIC), a subsidiary of Nigerian National Petroleum Company Limited, announced the completion of the River Niger Crossing, marking a major milestone in the expansion of Nigeria’s national gas transmission network.
The company, while announcing the completion of the crossing, said that it unlocks the full potential of the OB3 Pipeline, a strategic infrastructure designed to transport up to 2 billion standard cubic feet of gas per day, significantly strengthening energy availability, enhancing supply reliability, and accelerating national economic development.
The OB3 Pipeline, with a capacity of 2 billion standard cubic feet per day, serves as a backbone gas infrastructure linking the Eastern gas network to the Western network and extending connectivity to the Northern corridor through the AKK Pipeline.
