The Nigerian National Petroleum Company Limited (NNPC) remitted N1.804 trillion to the Federation Account in February 2026, a sharp increase from the N726 billion recorded in January.
Total revenue rose to N2.68 trillion in February from N2.57 trillion in the previous month, while profit after tax stood at N136 billion, indicating improved profitability.
Crude oil and condensate production averaged 1.51 million barrels per day during the month, supporting the higher remittance.
The improved performance follows recent policy changes aimed at strengthening revenue transparency in the oil and gas sector.
In mid-February 2026, President Bola Tinubu signed an Executive Order suspending the collection of management and frontier exploration fees by NNPC and mandating the full remittance of oil and gas revenues to the Federation Account.
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NNPC attributed steady output to improved asset reliability, faster resolution of evacuation constraints, and increased collaboration with operators.
The company also reported progress on the AKK gas pipeline, stating that construction and installation works aimed at delivering early gas to Abuja are advancing.
Last week, the Nigerian Upstream Petroleum Regulatory Commission reported that Nigeria’s crude oil production increased to 1.84 million barrels per day, representing a strong recovery from 1.31 million bpd in February.
The sustained production recovery and full remittance directive have boosted government revenue from the oil sector.
The NNPC’s February remittance reflects ongoing reforms to enhance fiscal transparency and reduce leakages in the oil and gas industry.
