Lagos — Nigeria’s state oil company has remitted N1.804 trillion to the Federation Account in February 2026, a sharp increase from the N726 billion reported in January, according to its latest Monthly Report Summary.
The Nigerian National Petroleum Company Limited (NNPC Ltd) attributed the rise to improved revenue performance and stricter remittance practices following recent policy reforms. Total revenue for the month reached N2.68 trillion, up from N2.57 trillion in January, while profit after tax stood at N136 billion.
Crude oil and condensate production averaged 1.51 million barrels per day during the period, despite operational challenges including a Trans Forcados Pipeline outage, start-up delays at Stardeep Agbami, and sludge management issues at Enyie wells.
The improved remittance performance follows President Bola Ahmed Tinubu’s mid-February Executive Order, which suspended NNPC Ltd’s collection of management and frontier exploration fees and mandated full remittance of oil and gas revenues to the Federation Account. The directive also established an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economy to ensure compliance.
NNPC Ltd said it is working to stabilise and improve oil production levels through enhanced asset reliability, faster resolution of evacuation constraints, and increased collaboration with operators. It also reported progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, with construction and installation works advancing to deliver early gas to Abuja.
These reforms and operational improvements are expected to support sustained revenue generation and strengthen transparency in Nigeria’s oil and gas sector in the months ahead.
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