Nigerian National Petroleum Company Limited has transferred $29.28 million from crude oil and gas export earnings and N2.07 billion in gas revenue into the federation account ahead of the April 2026 meeting of the Federation Account Allocation Committee (FAAC).
The figures were contained in the company’s internal report on March 2026 crude and gas proceeds prepared for the FAAC session. The document showed that total export and related receipts reached $29.28 million alongside over N2 billion from gas.
A breakdown of the inflows indicated that crude oil exports contributed $3.52 million, while gas earnings made up the bulk of the dollar receipts at $25.7 million, in addition to the naira-denominated gas revenue. Minor receipts from crude and gas transactions were also recorded.
NNPC stated that the entire sum was paid into the federation account in line with Executive Order 9 issued in February 2024.
The report further revealed how the proceeds were shared, with 40 percent of the Production Sharing Contract (PSC) profit allocation, valued at $11.71 million and N826.7 million, credited to the federation account. The remaining 60 percent, worth $17.56 million and N1.24 billion, went to the federation sub-account.
However, the oil firm listed several outstanding obligations tied to royalties and taxes. These included PSC crude royalties of $39.89 million, gas royalty payments linked to SNEPCO’s Bonga operations worth over $628,000, PSC royalty concession rentals, and crude petroleum profit tax liabilities of $3.88 million.
Altogether, other remittable obligations were valued at $44.62 million. This pushed the total crude oil and gas proceeds connected to the April FAAC meeting to about $73.9 million, alongside the N2.06 billion gas revenue.
NNPC also disclosed that, as of the April FAAC meeting, it still had outstanding payables to the federation amounting to N551.7 million. The figures did not include tax and royalty components related to Project Gazelle.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission reported a sharp drop in collections for March 2026.
According to the commission’s briefing to FAAC, it recorded N34.19 billion in March, a significant fall from the N124.4 billion posted in February.
NUPRC attributed the decline to an ongoing transition in revenue collection responsibilities following the takeover of the process by the Nigeria Revenue Service (NRS) in January 2026. The commission described its March figures as part of a transitional phase pending the full handover of the collection mandate.
It also noted that no payments were received under Project Gazelle during the month under review.
Despite the March slowdown, NUPRC said cumulative transfers to the federation account from January to March 2026 amounted to N389.8 billion.
