Tinubu’s reforms pay off as NNPC remits N1.8tn in February

The Nigerian National Petroleum Company Limited (NNPC Ltd) paid a total of N1.804 trillion into the Federation Account in February 2026, according to its latest monthly report.

This is a big increase compared to the N726 billion recorded in January. The rise shows better revenue performance and stricter remittance practices.

NNPC continues to play an important role in Nigeria’s economy, especially as reforms are ongoing in the oil and gas sector.

Key highlights from the report

Total revenue increased to N2.68 trillion in February, up from N2.57 trillion in January.

Remittances rose sharply to N1.804 trillion.

Profit after tax was N136 billion, showing improved profitability.

Oil and condensate production averaged 1.51 million barrels per day.

These figures show that the company is becoming more stable and financially disciplined.

Background

The increase in remittances follows new government policies aimed at improving transparency in the oil sector.

In February 2026, President Bola Ahmed Tinubu signed an Executive Order to change how revenues are handled. The order:

Stopped the collection of some fees by NNPC

Required full remittance of oil and gas revenues to the Federation Account

Set up a committee led by the Finance Minister to ensure proper implementation

These steps are meant to improve accountability and ensure government revenues are properly managed.

Production and operations

NNPC also reported efforts to improve oil production. The company said:

Better equipment reliability helped operations

Issues affecting oil transportation were resolved faster

Collaboration with industry players improved output

These improvements are expected to support steady revenue in the coming months.

The company also confirmed progress on the AKK gas pipeline, with work ongoing to supply gas to Abuja.

Additional context

Recent data shows Nigeria’s oil production has been recovering. Output rose significantly to about 1.84 million barrels per day, although it dropped slightly to 1.31 million barrels per day in February after earlier gains.

Overall, the rise in remittances reflects government efforts to increase revenue and reduce financial leakages.