NNPC Remits N1.8 Trillion in February as Tinubu’s Reforms Boost Performance
The Nigerian National Petroleum Company Limited paid N1.804 trillion into the Federation Account in February, up from N726 billion in January. Total revenue climbed to N2.68 trillion, while profit after tax reached N136 billion. These results reflect stricter remittance rules and improved transparency introduced by the Executive Order signed by President Bola Ahmed Tinubu. The order halted certain fee collections, mandated full remittance of oil and gas revenues, and set up a finance ministry committee to oversee compliance. Operational improvements also supported output. Enhanced equipment reliability and faster resolution of transport issues pushed oil and condensate production to 1.51 million barrels per day. Progress on the AKK gas pipeline promises further gains. The uptick in remittances signals growing financial discipline at NNPC and underscores the impact of recent sector reforms on government revenue.
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