Following Executive Order 9, signed by President Bola Tinubu in February 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC) has transferred more than N322 billion and $116.9 million into the Federation Account over two months, per documents from March and April FAAC meetings.
The order mandates full remittance of crude oil and gas revenues, invoking constitutional provisions on federal ownership of minerals to curb excessive deductions and distortions that previously trapped funds.
NNPC fully remitted February 2026 receipts—$87.63 million and N121.34 billion, shared in March—and March receipts—$29.28 million and N42.64 billion, shared in April—from sources like exports, PSC profits, domestic sales to Dangote Refinery, and gas earnings. PSC profits split 60% to the Federation Sub-Account and 40% to the main account.
NUPRC added N34.2 billion in March from royalties (N18.69 billion), gas flare penalties (N10.2 billion), rentals (N364 million), and miscellaneous fees—down sharply from N124.4 billion in February due to lower royalties.
The push enhances transparency amid fiscal strains, boosting FAAC allocations for states facing debts and infrastructure needs. The World Bank praises early gains but urges ending cost-of-collection deductions and shifting MDAs to budgeted funding for sustained impact.
