Nigeria’s oil revenue inflows rose sharply in February following the implementation of Executive Order 9 signed by President Bola Tinubu, which mandates that government oil earnings be paid directly into the Federation Account. New revenue data presented by the Nigerian National Petroleum Company Limited to the Federation Account Allocation Committee shows that the federation received 100 percent of profit oil from Production Sharing Contracts in February 2026, compared to only about 40 percent previously remitted.
As a result, NNPC transferred N121.34 billion in PSC profits to the federation in February, a sharp rise from N16.07 billion recorded in January. The surge reflects the early impact of the new policy on government oil revenue flows. However, overall inflows remain below expectations. While N394.73 billion in PSC revenue had been projected for January and February combined, actual remittances stood at N137.41 billion.
The report also showed that no interim dividend payments were made by NNPC during the period, despite projections of N542.37 billion. The shortfall highlights ongoing challenges in meeting revenue targets even as policy reforms begin to take effect. The increased remittances are expected to provide additional resources for federal, state, and local governments as they work to fund budgets and development priorities.
