NNPC, NUPRC Remit N322bn, $116.9m Two Months After Executive Order 9

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted over N322bn and $116.9m into the Federation Account within two months, following the implementation of Executive Order 9 signed by President Bola Tinubu in February 2026.

The order mandates full transfer of crude oil and gas revenues into the Federation Account to strengthen transparency and boost inflows at a time of fiscal pressures.

Tinubu said, “For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances… That must end.”

FAAC documents showed that for March 2026 receipts shared in April, NNPC remitted $29.28m and N42.64bn, while for February receipts shared in March, it remitted $87.63m and N121.34bn.

The March breakdown included $25.7m from crude exports, $3.52m from PSC profits, and N37.67bn from crude proceeds, alongside gas and miscellaneous revenues.

PSC profits were split 60:40 between the Federation Sub-Account and the Federation Account.

NUPRC separately remitted N34.2bn in March, covering royalties, gas flare penalties, concession rentals, and miscellaneous oil revenue.

However, this was sharply lower than the N124.4bn collected in February, due to a drop in royalty inflows.

The remittances underscore the government’s push to improve accountability and reduce leakages in the oil sector.

The World Bank has urged tighter enforcement of Executive Order 9, including ending revenue deductions at source and migrating MDAs to transparent budgetary funding.

Officials say the initiative will boost monthly FAAC allocations to federal, state, and local governments, helping states manage rising debt, wage pressures, and infrastructure gaps.

The development also reflects Tinubu’s broader fiscal reform agenda, aimed at stabilising public finances, improving crude production, and strengthening oversight across the petroleum value chain.