- NNPC and NUPRC remitted more than N322bn and $116.9m into the Federation Account within two months
- Executive Order 9 mandated the full transfer of crude oil and gas revenues to improve accountability and transparency
- The World Bank urged stricter enforcement of the order to sustain gains in Nigeria’s oil revenue management
The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted more than N322bn and $116.9m into the Federation Account within two months after the implementation of Executive Order 9 signed by President Bola Ahmed Tinubu in February 2026.
Documents presented during the Federation Account Allocation Committee meetings for March and April 2026 revealed that the increased remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account. The policy was introduced to improve transparency, strengthen revenue accountability and address long-standing concerns over revenue leakages in the petroleum sector.
Executive Order 9 was signed amid growing fiscal pressures and rising government expenditure demands. According to the directive, the President relied on Section 5 and Section 44(3) of the Nigerian Constitution, which place ownership and control of mineral resources, crude oil and natural gas under the authority of the Federal Government.
Tinubu stated that excessive deductions, overlapping charges and structural distortions in the oil and gas industry had weakened remittances meant for federal, state and local governments. He stressed that the practice had negatively affected national development and needed to end.
“For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account,” Tinubu stated on his verified X account.
According to the FAAC documents, the NNPC remitted $87.63m and N121.34bn for February 2026 receipts shared in March, while March 2026 receipts shared in April amounted to $29.28m and N42.64bn. The company explained that the remittances covered earnings from crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, Production Sharing Contract profits, gas receipts and miscellaneous oil revenue.
The reports further showed that the NUPRC independently remitted N124.4bn in February and N34.2bn in March from oil and gas royalties, gas flare penalties, concession rentals and miscellaneous oil revenues.
Although March remittances reflected a decline compared to February, the figures highlighted the Federal Government’s renewed push to improve transparency and accountability within Nigeria’s oil and gas sector.
The development is expected to strengthen monthly FAAC allocations to federal, state and local governments at a time when many states are facing rising debt obligations, salary pressures and infrastructure funding challenges.
The World Bank also recently called for stricter enforcement of Executive Order 9, urging the Federal Government to eliminate revenue deductions at source and move Ministries, Departments and Agencies towards transparent budgetary funding.