National News
Tinubu’s order takes effect as Federation gets 100% PSC profit oil
The federation account received a full 100 percent remittance of profit oil from production sharing contracts (PSCs) from the Nigerian National Petroleum Company (NNPC) Limited in February 2026.
This is according to NNPC’s February oil and gas revenue distribution figures presented to the Federation Account Allocation Committee (FAAC).
Previously, the federation received only about 40 percent of PSC profit oil.
The February figure reflects full remittance, indicating the implementation of President Bola Tinubu’s Executive Order 9, which mandates that government oil revenues be paid directly into the federation account.
According to the data, NNPC remitted N121.34 billion to FAAC as profit from production sharing contracts in February 2026.
The amount represents a significant increase from the N16.07 billion recorded in January, bringing the total PSC remittance for the first two months of the year to N137.41 billion.
Despite the rise in February inflows, overall remittances remained significantly below projections.
The report showed that about N394.73 billion in PSC revenue had been budgeted for the first two months of the year, leaving an actual shortfall of about N257.32 billion.
The data also revealed that the federation did not receive any interim dividend from the NNPC between January and February.
While N542.37 billion had been projected as dividend payments for the two months combined, no remittance was recorded during the period.
As a result, total oil and gas revenue fell far below expectations.
Although the budgeted oil and gas revenue for the period stood at N937.10 billion, the actual remittance amounted to N137.41 billion, leaving a variance of about N799.69 billion.
President Bola Tinubu signed Executive Order 9 on February 18 to restructure the oil revenue remittance framework.
The order requires 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 about 30 percent of PSC profit oil under the Petroleum Industry Act (PIA), in addition to a 30 percent management fee.
The implementation of Executive Order 9 effectively ended the company’s authority to deduct oil and gas revenues before remitting them to the federation account.
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