The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted more than N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed by President Bola Ahmed Tinubu in February 2026.

Documents presented at meetings of the Federation Account Allocation Committee showed that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.

Executive Order 9 was introduced to strengthen transparency, improve accountability in oil revenue management, and increase inflows to government coffers amid growing fiscal pressures and rising expenditure demands.

According to the directive, Tinubu invoked Section 5 of the Constitution, anchored on Section 44(3), which vests ownership and control of mineral resources, crude oil, and natural gas in the Federal Government.

The President had stated that excessive deductions, overlapping funds, and structural distortions within the oil and gas sector had weakened remittances meant for federal, state, and local governments.

Findings from the FAAC documents showed that the NNPC remitted $29.28m and N42.64bn for March 2026 crude oil and gas receipts shared in April 2026.

The company stated that “100 per cent of the total crude oil and gas receipts” were remitted in compliance with Executive Order 9.

The March receipts were generated from crude oil exports, Production Sharing Contract profits, domestic crude sales to the Dangote Petroleum Refinery, gas revenue, and miscellaneous crude earnings.

A breakdown showed that crude oil export earnings contributed $25.7m, while PSC profits accounted for $3.52m. On the naira side, crude oil export proceeds stood at N37.67bn, while miscellaneous crude revenue totalled N42.64bn. Gas receipts contributed N34.47m.

The document further indicated that PSC profit inflows were shared between the Federation Sub-Account and the Federation Account according to the statutory sharing formula.

For February 2026 receipts shared in March, the NNPC disclosed that it remitted $87.63m and N121.34bn into the Federation Account, representing significantly stronger inflows compared to March.

Separately, the NUPRC reported remitting N34.2bn in March 2026 from royalties, gas flare penalties, concession rentals, and other oil-related revenue.

According to the commission, oil and gas royalties generated N18.69bn, while gas flare penalties contributed N10.2bn. Miscellaneous oil revenue stood at N4.95bn, while concession rentals accounted for N364.06m.

However, the March remittance marked a sharp decline from the N124.4bn collected in February 2026, largely due to lower royalty inflows, which fell from N104.31bn in February to N18.69bn in March.

The latest remittance figures highlight the Federal Government’s renewed push to improve transparency and reduce revenue leakages in the petroleum sector as authorities seek to stabilise public finances and boost allocations to the three tiers of government.

The World Bank had earlier urged the Federal Government to strengthen enforcement of Executive Order 9 by eliminating revenue deductions at source and transitioning Ministries, Departments and Agencies to transparent budgetary funding.

In its latest Nigeria Development Update report titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the World Bank said recent gains in revenue transparency would depend on stricter implementation of the order across government institutions.