NNPC’s Federation Account Remittance Rises 60% To N2.88trn In March

The Nigerian National Petroleum Company Limited (NNPC) has reported a 60 per cent increase in its remittances to the Federation Account, reaching N2.88 trillion in March from N1.80 trillion in February 2026.

This was disclosed in the company’s Monthly Report for March, 2026, released on Monday.

The rise followed Executive Order No. 9, signed by President Bola Tinubu in February, which ended NNPC’s deductions of 30 per cent for the Frontier Exploration Fund and 30 per cent for management fees from profits.

The order requires direct remittances of all royalty, tax, and profit oil/gas to the Federation Account.

NNPC’s monthly report for March also showed profit after tax more than doubling to N276 billion from N136 billion in February.

Total revenue grew to N2.77 trillion from N2.68 trillion.

Crude oil production increased to 1.32 million barrels per day (mbpd) from 1.27 mbpd, with condensate steady at 0.24 mbpd. Crude oil sales volume fell to 17.27 million barrels from 22.09 million barrels.

Gas production dipped slightly to 7,731 million standard cubic feet per day (mmscf/d) from 7,748 mmscf/d.

The report attributed production gains to early completion of the OML 118 Bonga Turnaround Maintenance, finished 12 days ahead of schedule. It noted setbacks from a Trans Forcados Pipeline leak at the Keremor axis, causing curtailments across assets from February 20 to March 25, plus other challenges. NNPC stated it continues restoration plans to boost asset reliability and address evacuation issues.

Progress continued on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with welding completed on the 24-inch spur to Gwagwalada Independent Power Plant and advances in mainline pre-commissioning.

On the OB3 River Niger Crossing, the report showed that drilling advanced in March.

In April, NNPC Gas Infrastructure Company (NGIC), an NNPC subsidiary, announced completion of the crossing. NGIC said the milestone unlocks the OB3 Pipeline’s full potential, with capacity for 2 billion standard cubic feet per day, linking eastern and western gas networks and extending to the north via AKK to improve energy supply and economic growth.