The federation account received a 100 percent of profit oil from production sharing contracts (PSCs) from the Nigerian National Petroleum Company (NNPC) Limited in February in 2026
This is according to NNPC’s February oil and gas revenue distribution figures presented to the federation account allocation committee (FAAC) seen by TheCable on Saturday.
The federation had previously received only 40 percent of PSC profit oil.
The February figure reflects full remittance, indicating the implementation of President Bola Tinubu’s Executive Order 9, which requires that government oil revenues be paid directly into the federation account.
The latest oil and gas revenue distribution data showed that the NNPC remitted N121.34 billion to FAAC as profit from production sharing contracts (PSC) in February 2026.
The figure represents a sharp increase from the N16.07 billion recorded in January, bringing the year-to-date PSC remittance to N137.41 billion.
Despite the increase in February inflows, overall remittances remained significantly below projections.
The data said about N394.73 billion PSC revenue was budgeted for the first two months of the year, leaving an actual shortfall of about N257.32 billion.
The report also showed that the federation did not receive any interim dividend from the NNPC between January and February.
While N542.37 trillion was projected as dividend payment for January and February combined, no remittance was recorded during the period.
As a result, total oil and gas revenue fell sharply short of budget.
While the budget for the period stood at N937.10 billion, the actual remittance amounted to N137.41 billion, leaving a variance of about N799.69 billion.
On February 18, the president signed the executive order 9 to restructure the oil revenue remittance framework.
The policy required that royalty oil, tax oil, profit oil, profit gas and other government entitlements be paid directly into the federation account.
Before the directive, NNPC retained an about 30 percent of PCS profit oil under the Petroleum Industry Act (PIA). It also retained a additional 30 percent of management fee.
The implementation of EO9 effectively terminated NNPC’s powers to deduct oil and gas revenues.
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