Nigerian National Petroleum Company (NNPC) has disclosed that it paid a total of N1.804 trillion into the federation account in February 2026, showing a sharp rise compared to the N726 billion remitted in January.
Gatekeepers News reports that in its monthly operational report for February, the national oil company also announced a profit after tax of N136 billion. It further stated that it generated revenue of N2.68 trillion during the period, reflecting a 4.28 percent increase from the N2.57 trillion recorded in the previous month.
The report noted that crude oil and condensate production stood at an average of 1.51 million barrels per day, while natural gas output reached 7.45 million standard cubic feet daily. It added that petrol availability across NNPC Retail Limited outlets was 58 percent, with upstream pipeline reliability at 93 percent.
However, the company said output levels were affected by operational setbacks, including the shutdown of the Trans Forcados Pipeline due to integrity concerns.
“Start-up challenges of Stardeep Agbami GTC 2 & 3 following completion of Turnaround Maintenance; delayed completion of the Sterling Oguali flow station; and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges,” the national oil company said.
Despite these issues, NNPC said it is taking steps to improve production stability and boost output. These include enhancing asset reliability, addressing evacuation challenges, fast-tracking key infrastructure, and strengthening collaboration with industry stakeholders.
It noted that at Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline: AKK (Mainline) the construction and installation works which are aimed at delivering early gas to Abuja, is in progress, while at Obiafu-Obrikom-Oben (OB3) Gas Pipeline: OB3 River Niger Crossing: Continued drilling operations in close collaboration with all critical stakeholders.”
The report also referenced a recent executive order signed by the president on February 18, which introduced a new framework for oil revenue remittance. Under the policy, royalty oil, tax oil, profit oil, profit gas, and other government earnings are now paid directly into the federation account.
Following the directive, the federation account received 100 percent of profit oil from production sharing contracts (PSCs) from the NNPC in February.
