NNPC remits $29m crude proceeds, N2bn gas revenue to FAAC as NUPRC collections decline

The Nigerian National Petroleum Company (NNPC) Limited says it remitted $29.28 million from crude oil and gas export receipts and N2.07 billion gas revenue to the federation account for the April 2026 meeting of the Federation Account Allocation Committee (FAAC).

The figures were announced in the company’s report titled ‘March 2026 Crude Oil and Gas Proceeds for April 2026 FAAC Meeting’ seen by TheCable on Tuesday.

According to the document, total crude oil and gas export receipts stood at $29,278,415.96, while gas revenue was put at N2,066,841,328.73.

“The total crude oil and gas export & other receipts stood at $29,278,415.96 and N2,066,841,328.73,” the report reads.

NNPC said the entire amount was remitted to the federation account in compliance with Executive Order 9 of February 2024.

The report showed that crude oil export earnings contributed $3.52 million, while gas receipts accounted for $25.7 million and N2.06 billion.

According to the national oil company, miscellaneous crude receipts stood at $25,078.93, while miscellaneous gas revenue was valued at $24,878.43.

NNPC also disclosed that the federation account received 40 percent PSC profit allocation valued at $11.71 million and N826.7 million, while the federation sub-account received 60 percent valued at $17.56 million and N1.24 billion.

The company said other obligations due for remittance included PSC crude royalty of $39.89 million, SNEPCO Bonga gas royalty of $628,974.55, PSC royalty concession rental of $214,689, and crude petroleum profit tax (PPT) obligations of $3.88 million.

According to the report, total other obligations due for remittance stood at $44.62 million, bringing the grand total for crude oil and gas proceeds for the April FAAC meeting to $73.9 million and N2.06 billion.

NNPC added that its liabilities to the federation stood at N551.7 million as of the April 2026 FAAC meeting.

“The NNPC LTD payables to the Federation amounted to N551,763,577.05 as at April 2026 FAAC,” the document stated.

The oil company noted that the figures excluded Project Gazelle tax and royalty obligations.

NUPRC REMITS N34BN TO FAAC

Also, the Nigerian Upstream Petroleum Regulatory Commission reported a decline in collections for March 2026.

According to the commission’s notes to the April 2026 FAAC meeting, collections for March stood at N34.19 billion, compared to N124.4 billion recorded in February.

NUPRC said the decline reflected an ongoing transition in revenue collection following the commencement of collections by the Nigeria Revenue Service (NRS) in January 2026.

“The Nigeria Revenue Service (NRS) commenced collection in January 2026, hence, this is a transitional report of collection in March 2026 pending the full transition of collection mandate by NRS,” the commission said.

The commission also disclosed that there was no payment for Project Gazelle in March 2026.

Despite the decline, NUPRC said total transfers to the federation account between January and March 2026 stood at N389.8 billion.(TheCable)