The Nigerian National Petroleum Company Limited (NNPC) remitted N2.88 trillion to the Federation Account in March 2026, representing a 60 per cent increase from the N1.80 trillion sent in February 2026. The figures were published in the company's Monthly Financial and Operations Report for March, released on Monday. The growth in remittance followed the implementation of Executive Order No. 9, which restructured the company's financial obligations. The order, signed by President Bola Ahmed Tinubu, directed the NNPC to remit a larger share of its revenue to the Federation Account. The NNPC attributed the surge to improved revenue collection and compliance with the new directive. No breakdown of the revenue sources was provided in the report. The Federation Account distributes revenue to the federal, state and local governments. The report covers only financial data for March 2026 and does not include comparative figures beyond February 2026.
The NNPC's remittance jumped by N1.08 trillion in one month, yet no explanation was given for the exact source of the additional funds. This surge benefits all tiers of government under the Federation Account sharing formula. Without a breakdown, it is unclear which revenue stream drove the increase. The lack of transparency leaves room for questions about sustainability and accountability.
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