NNPC Remits N1.8trn to Federation in February, Up from N726bn in January
The Nigerian National Petroleum Company Limited says it remitted N1.804 trillion to the federation account in February 2026, a sharp increase from the N726 billion recorded in January.
In its monthly report for February, the national oil company also disclosed a profit after tax (PAT) of N136 billion for the period.
The report indicated that the company generated revenue of N2.68 trillion in February, representing a 4.28 percent increase from the N2.57 trillion posted in January.
Production and Operations
According to the report, crude oil and condensate production averaged 1.51 million barrels per day (bpd) during the month, while natural gas production stood at 7.45 billion standard cubic feet per day.
The company added that petrol availability across NNPC Retail Limited stations was 58 percent, while upstream pipeline reliability was recorded at 93 percent.
However, production performance was impacted by several operational challenges, including the outage of the Trans Forcados Pipeline due to integrity issues.
Other constraints included startup challenges at the Stardeep Agbami GTC 2 and 3 facilities following turnaround maintenance, delays in completing the Sterling Oguali flow station, and production ramp-up limitations at Enyie wells due to sludge management issues.
Steps to Improve Output
NNPC said it is implementing strategic measures to improve production resilience and restore output levels. These include enhancing asset reliability, resolving evacuation bottlenecks, accelerating key infrastructure projects, and strengthening collaboration with industry operators and stakeholders.
On major gas infrastructure, the company provided updates on ongoing projects.
The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project is progressing, with construction and installation works advancing toward delivering early gas supply to Abuja.
Similarly, work continues on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, particularly at the River Niger crossing, where drilling operations are ongoing in collaboration with key stakeholders.
Policy Impact on Remittances
The increase in remittances follows a recent policy directive by President Bola Tinubu aimed at restructuring oil revenue payments.
On February 18, Tinubu signed an executive order mandating that royalty oil, tax oil, profit oil, profit gas, and other government entitlements be paid directly into the federation account.
Following the directive, the federation account received 100 percent of profit oil from production sharing contracts (PSCs) from NNPC in February.