The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded stronger revenue and remittance figures in February, driven by recent policy reforms aimed at enhancing transparency in the oil and gas sector.
The company reported statutory remittances of N1.804 trillion, a sharp increase from N726 billion recorded in January.
It attributed the improved performance to reforms introduced under an Executive Order signed in February 2026 by President Bola Tinubu, which overhauled revenue remittance practices.
The directive suspended the collection of management and frontier exploration fees by NNPC Ltd and mandated the full remittance of oil and gas revenues to the Federation Account.
The order also established an inter-agency implementation committee, chaired by the Minister of Finance and Coordinating Minister for the Economy, to oversee execution.
Meanwhile, NNPC said progress was being made on the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, with construction and installation works advancing towards early gas delivery to Abuja.
The company added that improved collaboration with industry operators and stakeholders, alongside timely infrastructure delivery, would be key to boosting production and sustaining revenue growth.
