The Nigerian National Petroleum Company Limited (NNPC Ltd) remitted a total of N1.804 trillion to the Federation Account in February 2026.
This is according to its latest Monthly Report Summary.
The figure represents a sharp increase from the N726 billion recorded in January, reflecting improved revenue performance and stricter remittance practices.
The development demonstrates the company’s critical role in Nigeria’s fiscal framework amid ongoing reforms in the oil and gas sector.
The strong remittance performance comes alongside modest growth in revenue and improved profitability during the period.
What the report is saying
NNPC’s February report highlights improvements across key financial and operational indicators.
- Total revenue rose to N2.68 trillion in February from N2.57 trillion in January.
- Statutory remittances surged to N1.804 trillion, up from N726 billion in the previous month.
- Profit after tax stood at N136 billion, indicating improved profitability.
- Crude oil and condensate production averaged 1.51 million barrels per day in February.
The data reflects a combination of operational stability and enhanced financial discipline in the company’s operations.
Context
NNPC’s improved remittance performance follows recent policy changes aimed at strengthening revenue transparency in the oil and gas sector.
- In mid-February 2026, President Bola Ahmed Tinubu signed an Executive Order to overhaul revenue remittance practices.
- The directive suspended the collection of management and frontier exploration fees by NNPC Ltd.
- It also mandated the full remittance of oil and gas revenues to the Federation Account.
- The Executive Order also establishes an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economy to ensure seamless execution.
These measures are part of broader reforms to align revenue flows with constitutional provisions and improve accountability.
More Insights
The company also reported ongoing efforts to stabilise and improve oil production levels.
- NNPC attributed steady output to improved asset reliability and faster resolution of evacuation constraints.
- The company highlighted the timely delivery of critical infrastructure as a key factor supporting production.
- Increased collaboration with operators and stakeholders has also contributed to production recovery across key assets.
These operational improvements are expected to support sustained revenue generation in the coming months.
On the AKK gas pipeline, the company said it “Progressed construction and installation works aimed at delivering early gas to Abuja”.
What you should know
The recent surge in remittances reflects a broader push to enhance government revenue and reduce leakages.
Last week, the Nigerian Upstream Petroleum Regulatory Commission reported that Nigeria’s crude oil production increased by about 40.5 per cent to 1.84 million barrels per day (bpd).
The latest figure represents a strong recovery in output, coming after Nigeria recorded 1.459 million bpd in January 2026 before declining sharply to 1.31 million bpd in February.
