NNPC Remits $73.9m to FAAC for April Meeting, Details Crude and Gas Payments

By Victor Idajili

 The Nigerian National Petroleum Company Limited remitted $73.9 million and N2.06 billion to the Federation Account Allocation Committee ahead of the April 2026 meeting, according to its report on March 2026 crude oil and gas proceeds.  

The report showed that $29.28 million came from crude oil and gas export earnings, while gas sales within Nigeria added N2.07 billion. NNPC said the payments were made in line with Executive Order 9 issued in February 2024.  

Of the export earnings, gas exports accounted for $25.7 million and crude oil exports $3.52 million. Miscellaneous receipts added $25,079 for crude and $24,878 for gas. The company also reported N2.06 billion from domestic gas revenue.  

Under the Production Sharing Contract arrangements, 40% of the profit oil allocation — $11.71 million and N826.7 million — went directly into the Federation Account. The remaining 60%, worth $17.56 million and N1.24 billion, was paid into the federation sub-account.  

NNPC listed other obligations remitted for the month, including $39.89 million in PSC crude royalty, $628,975 from SNEPCO’s Bonga gas royalty, $214,689 in PSC royalty concession rental, and $3.88 million in crude petroleum profit tax. In total, other obligations came to $44.62 million.  

The company said its outstanding liabilities to the federation stood at N551.7 million as of the April meeting, excluding obligations under Project Gazelle.  

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission reported a sharp drop in its March 2026 collections to N34.19 billion, down from N124.4 billion in February. NUPRC linked the decline to the ongoing transition to the Nigeria Revenue Service, which began operations in January 2026. The commission also said no payment was received under Project Gazelle during the month.  

Despite the drop, NUPRC said it had transferred N389.8 billion to the federation account between January and March 2026.