The Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd) has remitted a complete of ₦1.804 trillion to the Federation Account for February 2026, marking a big enhance from the ₦726 billion recorded in January.
In response to its newest Month-to-month Report Abstract for February 2026, the surge displays improved income era and stricter remittance practices. The report additionally exhibits that whole income rose to ₦2.68 trillion from ₦2.57 trillion in January, whereas revenue after tax stood at ₦136 billion and crude oil and condensate production averaged 1.51 million barrels per day.
The corporate famous that the improved remittance efficiency follows latest coverage adjustments aimed toward strengthening transparency and accountability within the oil and gasoline sector. It said, “February production efficiency was impacted by the mixed impact of the outage of the Trans Forcados Pipeline as a result of integrity points, startup challenges of Stardeep Agbami GTC 2 and three following completion of turnaround upkeep, delayed completion of the Sterling Oguali move station, and production ramp-up constraints from Enyie wells as a result of sludge administration points, amongst different operational challenges.”
In mid-February, Bola Ahmed Tinubu signed an Govt Order to overtake income remittance practices, mandating the total remittance of oil and gasoline revenues to the Federation Account. The directive additionally suspended the gathering of administration and frontier exploration charges by NNPC Ltd.
The Govt Order additional establishes an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economic system to make sure efficient execution, as a part of broader reforms to align income flows with constitutional provisions.
NNPC additionally highlighted ongoing efforts to stabilise and enhance oil production, attributing regular output to improved asset reliability and sooner decision of evacuation constraints. The corporate famous that elevated collaboration with operators and stakeholders has contributed to production restoration throughout key property.
It added that infrastructure growth stays a precedence, stating that it “Progressed building and set up works aimed toward delivering early gasoline to Abuja” on the AKK gasoline pipeline venture.
The corporate expressed optimism that these operational and coverage pushed enhancements will maintain income progress within the coming months.
Ademide Adebayo
Times Nigeria