The Nigerian National Petroleum Company Limited (NNPC Ltd) remitted a total of N2.89 trillion to the Federation Account in the first quarter of 2026.
The figure was disclosed in the company’s latest operational performance summary for March 2026, reflecting improved fiscal flows from Nigeria’s oil and gas sector.
The performance comes amid ongoing reforms aimed at strengthening transparency, boosting remittances, and improving efficiency across the petroleum value chain.
What the NNPC is saying
NNPC’s first-quarter performance shows a steady rise in statutory payments to the Federation Account, supported by improved production levels and stronger operational output. The data also reflects a rebound in profitability in March after a weaker performance in February.
- NNPC Ltd remitted N726 billion in January, rising sharply to N1.804 trillion in February
- March profit after tax stood at N276 billion, with revenue of N2.774 trillion
- Crude oil and condensate production averaged 1.56 million barrels per day in March
The figures highlight a strong recovery trajectory, with improved margins, rising production, and increased remittances strengthening NNPC’s overall contribution to national revenue.
On the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, the company said it “Completed welding of the 24″ spur line to Gwagwalada Independent Power Plant. Significant progress recorded for outstanding mainline pre-commissioning works.”
Context
The remittances in Q1 2026 come amid significant policy reforms introduced by the Federal Government to strengthen transparency and accountability in the oil sector.
NNPC’s contribution to the Federation Account aligns with recent directives aimed at tightening revenue management and reducing leakages in petroleum earnings. The reforms have reshaped how oil revenues are collected and remitted across the value chain.
- President Bola Ahmed Tinubu signed an Executive Order in February 2026 to reform oil revenue management
- The order suspended management fees and frontier exploration deductions previously taken by NNPC
- It mandated full remittance of oil and gas revenues to the Federation Account
- An inter-agency committee led by the Minister of Finance was set up to oversee compliance
What you should know
Nairametrics reported that NNPC Ltd remitted N14.706 trillion in statutory payments to the Federal Government between January and December 2025.
- Natural gas production reached 6,914 million standard cubic feet per day in December 2025. This is up from 6,968 million standard cubic feet per day (mmscf/d) recorded in November.
- Last month, 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 NNPC’s remittances is expected to have positive implications for federal, state, and local government finances, which depend heavily on oil revenues distributed through the FAAC framework.
With production levels holding steady and reforms deepening, expectations are rising that monthly remittances could remain elevated in the coming months.
