By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that it remitted a total of N1.804 trillion to the Federation Account in February 2026, marking a significant increase from the N726 billion recorded in January.
The sharp rise reflects improved revenue performance and stricter remittance practices by the state-owned oil firm.
According to its February report, NNPC recorded notable gains across key financial and operational metrics. Total revenue rose to N2.68 trillion in February from N2.57 trillion in January, while statutory remittances surged to N1.804 trillion. Profit after tax stood at N136 billion, underscoring improved profitability, while crude oil and condensate production averaged 1.51 million barrels per day during the period.
NNPC attributed the enhanced remittance performance to recent policy measures aimed at strengthening transparency and accountability in the oil and gas sector.
However, the company noted that production in February was impacted by several operational challenges, including the outage of the Trans Forcados Pipeline due to integrity issues, start-up difficulties at the Stardeep Agbami GTC 2 and 3 following turnaround maintenance, delays in completing the Sterling Oguali flow station, and production constraints at Enyie wells linked to sludge management issues.
In mid-February 2026, President Bola Ahmed Tinubu signed an Executive Order to overhaul revenue remittance practices within the sector. The directive suspended the collection of management and frontier exploration fees by NNPC Ltd and established an inter-agency implementation committee, chaired by the Minister of Finance and Coordinating Minister for the Economy, to oversee execution.
The reforms form part of broader efforts to align revenue flows with constitutional provisions and enhance fiscal transparency.
NNPC also credited improved asset reliability and faster resolution of evacuation constraints for sustaining output levels. The company highlighted the timely delivery of critical infrastructure and increased collaboration with operators and stakeholders as key drivers of production recovery across major assets.
These operational improvements, it noted, are expected to support sustained revenue growth in the coming months.
On the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, NNPC said construction and installation works had progressed, with efforts focused on delivering early gas supply to Abuja.
