The Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted over ₦322bn 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.
Documents presented at the Federation Account Allocation Committee meetings showed that the directive compelled oil and gas agencies to fully transfer crude oil and gas revenues into the Federation Account as part of efforts to improve transparency and block revenue leakages in the sector.
Explaining the rationale behind the order, Tinubu said excessive deductions and overlapping retention structures had weakened remittances meant for the federation. “For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end,” the President stated on his verified X handle.
According to the FAAC documents, the NNPCL remitted $87.63m and ₦121.34bn from February 2026 receipts shared in March, while another $29.28m and ₦42.64bn from March receipts were shared in April. The company stated that “100 per cent of the total crude oil and gas receipts” were remitted in compliance with Executive Order 9. The inflows came from crude oil exports, PSC profits, domestic crude sales to the Dangote Petroleum Refinery, gas revenue, and miscellaneous earnings.
The NUPRC separately remitted ₦34.2bn in March 2026 from oil and gas royalties, gas flare penalties, concession rentals, and other oil-related revenue. “This report is a summary of royalties (oil and gas), gas flared penalty, rents, and miscellaneous oil revenue collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and remitted to the Federation Account as statutorily mandated,” the commission stated.
The latest remittance figures highlight the Federal Government’s push to strengthen oil revenue accountability and improve FAAC allocations at a time many states are struggling with rising debt obligations, wage pressures, and infrastructure funding gaps. The World Bank had also urged the Federal Government to tighten enforcement of Executive Order 9 and end revenue deductions at source across government agencies.