Nigerian National Petroleum Company Limited has disclosed that it remitted $29.28 million from crude oil and gas export earnings, alongside N2.07 billion in gas revenue, to the federation account for the April 2026 meeting of the Federation Account Allocation Committee (FAAC).
According to the company’s March 2026 financial report, total crude oil and gas export receipts amounted to $29.28 million, while gas revenue stood at over N2 billion. The company stated that the full amount was transferred to the federation account in line with Executive Order 9 issued in February 2024.
The breakdown showed that crude oil exports generated $3.52 million, while gas exports accounted for $25.7 million and N2.06 billion. Additional miscellaneous crude and gas earnings were also recorded.
NNPC further revealed that the federation account received 40 percent profit allocation from Production Sharing Contracts (PSC), valued at $11.71 million and N826.7 million, while the federation sub-account received the remaining 60 percent valued at $17.56 million and N1.24 billion.
The report also listed other financial obligations due for remittance, including PSC crude royalty payments, gas royalties linked to the Bonga field, royalty concession rentals, and petroleum profit tax obligations.
Altogether, total crude oil and gas proceeds for the April 2026 FAAC meeting rose to $73.9 million and N2.06 billion.
The oil company additionally disclosed that its liabilities to the federation stood at N551.7 million as of the April 2026 FAAC meeting, noting that the figures did not include Project Gazelle tax and royalty obligations.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission reported a drop in revenue collections for March 2026.
The commission said collections declined to N34.19 billion in March from N124.4 billion recorded in February, attributing the decrease to the ongoing transition of revenue collection responsibilities to the Nigeria Revenue Service, which began operations in January 2026.
Despite the decline, the commission stated that total transfers to the federation account between January and March 2026 reached N389.8 billion.
