The Digest:
The Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted over N322 billion and 116.9 million into the Federation Account within two months following President Bola Tinubu′s Executive Order 9 signed in February 2026. The order mandates full transfer of crude oil and gas revenues, ending excessive deductions. NNPC remitted 87.63 m and N121.34bn for February receipts, plus $29.28m and N42.64bn for March. NUPRC added N34.2bn in March, though this was a sharp decline from February's N124.4bn.
Key Points:
- Higher remittances mean more funds for federal, state, and local governments facing debt pressures.
- NNPC's compliance with 100% remittance suggests that previous deductions were significant revenue leakages.
- NUPRC's March collections dropped sharply from February, raising questions about monthly volatility.
- World Bank's call for stricter enforcement indicates confidence in EO9 but concerns over consistency.
- Oil revenue transparency gains could strengthen Nigeria's case for future World Bank loans.
Sources: FAAC Documents, NNPC, NUPRC, World Bank Nigeria Development Update
