NNPC Remits N2.89 Trillion to Federation Account in Q1 2026 as Oil Revenue Surges
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a strong financial performance, remitting a total of N2.89 trillion to the Federation Account in the first quarter of 2026. The figure was disclosed in its latest operational performance report for March 2026, highlighting improved revenue flows from Nigeria’s oil and gas sector.
This performance reflects ongoing reforms in the petroleum industry aimed at boosting transparency, improving efficiency, and ensuring stronger fiscal accountability. With oil remaining a major source of government revenue, the latest figures point to a steady recovery in Nigeria’s upstream sector.
Breaking down the numbers, NNPC Ltd recorded N726 billion in January, followed by a significant jump to N1.804 trillion in February. In March alone, the company posted a profit after tax of N276 billion, alongside revenue of N2.774 trillion. Crude oil and condensate production also averaged 1.56 million barrels per day in March, showing improved operational stability.
The company also reported progress on key infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline. According to NNPC, it has completed welding of the 24-inch spur line to the Gwagwalada Independent Power Plant, while advancing pre-commissioning work on the mainline.
These gains come amid sweeping policy reforms introduced by President Bola Ahmed Tinubu’s administration. In February 2026, the government signed an Executive Order mandating full remittance of oil and gas revenues into the Federation Account, suspending previous deductions such as management fees and frontier exploration costs. An inter-agency committee led by the Ministry of Finance was also established to monitor compliance.
Looking ahead, analysts expect Nigeria’s oil revenue inflows to remain strong, especially as production levels stabilize and reforms deepen. In 2025 alone, NNPC remitted N14.706 trillion, underscoring the sector’s critical role in supporting federal, state, and local government finances through the FAAC distribution system.