The Digest:
The Nigerian National Petroleum Company Limited (NNPC) remitted N1.804 trillion to the Federation Account in February 2026, a sharp increase from N726 billion in January. Total revenue rose to N2.68 trillion, with profit after tax at N136 billion. Crude oil and condensate production averaged 1.51 million barrels per day. The surge follows President Tinubu's Executive Order suspending management and frontier exploration fees, mandating full remittance of oil and gas revenues.
Key Points:
- The Executive Order aims to align revenue flows with constitutional provisions.
- Improved asset reliability and faster evacuation constraints boosted production.
- The AKK gas pipeline project is progressing to deliver early gas to Abuja.
- Nigeria's crude production reached 1.84 million bpd last week.
- Strong remittances support government revenue and fiscal stability.
