NNPC Remits $29m Crude Revenue to FAAC as NUPRC Collections Drop Amid NRS Transition

Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited, has remitted $29.28 million in crude oil and gas export proceeds alongside N2.07 billion in gas revenue to the Federation Account Allocation Committee (FAAC) for April 2026. The disclosure was contained in the company’s March 2026 crude oil and gas proceeds report released ahead of the FAAC meeting.

According to the report, gas exports accounted for the largest share of the remittance with $25.7 million and N2.06 billion generated, while crude oil export earnings contributed $3.52 million. The company also recorded smaller inflows from miscellaneous crude and gas receipts. NNPC said the total amount was fully remitted to the federation account in line with Executive Order 9 issued in February 2024.

The national oil company further revealed that the federation account received 40 percent of the Production Sharing Contract (PSC) profit allocation valued at $11.71 million and N826.7 million, while the federation sub-account got the remaining 60 percent worth $17.56 million and N1.24 billion. Other pending obligations due for remittance included PSC crude royalties, crude petroleum profit tax obligations, and gas royalties linked to the Bonga field operated by Shell Nigeria Exploration and Production Company.

NNPC stated that total outstanding obligations due for remittance stood at $44.62 million, pushing the combined crude oil and gas proceeds for the April FAAC meeting to $73.9 million and N2.06 billion. The company also disclosed liabilities of N551.7 million owed to the federation as of April 2026, noting that the figures did not include Project Gazelle tax and royalty obligations.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a sharp drop in collections for March 2026. The commission said it remitted N34.19 billion to FAAC, significantly lower than the N124.4 billion recorded in February. According to NUPRC, the decline reflects the ongoing transition of revenue collection responsibilities to the Nigeria Revenue Service (NRS), which began handling collections in January 2026. Despite the temporary slowdown, the commission said total transfers to the federation account between January and March reached N389.8 billion.

source: The cable