The Nigerian National Petroleum Company Limited (NNPC Ltd) reported that it remitted N1.804 trillion to the Federation Account in February 2026, a sharp increase from N726 billion in January 2026, according to its Monthly Report Summary for February 2026.
The report, released by NNPC Ltd (February 2026, exact day not specified), showed that total revenue rose to 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.
NNPC Ltd explained that production and revenue performance were affected by operational challenges, stating:“February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline due to integrity issues, startup challenges of Stardeep Agbami GTC 2 and 3 following completion of turnaround maintenance, delayed completion of the Sterling Oguali flow station, and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges.”
The company attributed the improved remittance figures to policy reforms, including an Executive Order signed by President Bola Tinubu in February 2026, which mandated full remittance of oil and gas revenues to the Federation Account.
The order also suspended the collection of management and frontier exploration fees by NNPC Ltd.
The Executive Order established an inter-agency implementation committee chaired by the Minister of Finance and Coordinating Minister for the Economy, tasked with ensuring compliance and improving transparency in revenue management.
NNPC Ltd also highlighted ongoing infrastructure and production initiatives, including progress on the AKK gas pipeline project, noting that it had “progressed construction and installation works aimed at delivering early gas to Abuja.”
The statement noted that improved collaboration with operators and faster resolution of evacuation constraints were supporting production recovery and sustaining revenue growth.
