The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a substantial increase in its remittance to the Federation Account, paying a total of N1.804 trillion in February 2026, according to its latest monthly report.
This represents a significant jump from the N726 billion remitted in January, suggesting improved revenue generation and stricter adherence to remittance obligations.
NNPC continues to remain a central player in Nigeria’s economy, particularly as reforms reshape the oil and gas sector.
Key highlights from the report
The company’s total revenue rose to N2.68 trillion in February, compared to N2.57 trillion in the previous month.
Remittances saw a sharp increase, reaching N1.804 trillion.
Profit after tax stood at N136 billion, indicating stronger financial performance.
Oil and condensate production averaged 1.51 million barrels per day during the period.
These figures point to a company that is gradually strengthening its financial position while maintaining operational stability.
Background
The surge in remittances comes in the wake of new government measures designed to enhance transparency and accountability in the oil sector.
In February 2026, President Bola Ahmed Tinubu introduced an Executive Order aimed at restructuring how oil revenues are managed. The directive:
Stopped the collection of certain fees by NNPC
Mandated the full remittance of oil and gas revenues to the Federation Account
Established a committee led by the Finance Minister to oversee compliance
These initiatives are intended to improve oversight and ensure that government revenues are properly accounted for.
Production and operations
NNPC also highlighted efforts to strengthen oil production and operational efficiency.
The company noted that improved equipment reliability supported smoother operations, while challenges affecting oil transportation were addressed more quickly.
In addition, increased collaboration with industry stakeholders contributed to improved output levels.
These developments are expected to help sustain revenue growth in the months ahead.
The company further confirmed ongoing progress on the AKK gas pipeline project, which is expected to enhance gas supply to Abuja upon completion.