FAAC Receives $73.9m as NNPC Details Crude, Gas and PSC Remittances for April Meeting

The Nigerian National Petroleum Company Limited (NNPC Ltd) has remitted $29.28 million from crude oil and gas export proceeds, along with N2.07 billion in gas revenue, to the Federation Account Allocation Committee (FAAC) ahead of its April 2026 meeting.

The figures were disclosed in the company’s report titled “March 2026 Crude Oil and Gas Proceeds for April 2026 FAAC Meeting.”
According to the report, total crude oil and gas export earnings amounted to $29,278,415.96, while gas revenue stood at N2,066,841,328.73.
NNPC explained that the remittance was carried out in line with Executive Order 9 of February 2024. A breakdown showed crude oil exports contributed $3.52 million, gas exports accounted for $25.7 million alongside the N2.06 billion gas revenue. Miscellaneous crude receipts were $25,078.93, while miscellaneous gas receipts stood at $24,878.43.
The company further noted that 40 percent of Production Sharing Contract (PSC) profit allocation—valued at $11.71 million and N826.7 million—was paid into the Federation Account. The remaining 60 percent, amounting to $17.56 million and N1.24 billion, went into the federation sub-account.
NNPC also listed additional remittances, including 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 obligations worth $3.88 million.
Overall, other obligations due for remittance totaled $44.62 million, bringing total crude oil and gas proceeds for the April 2026 FAAC meeting to $73.9 million and N2.06 billion.
The company added that its outstanding liabilities to the federation stood at N551.7 million as of the April 2026 FAAC meeting, noting that the figures exclude Project Gazelle tax and royalty obligations.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a significant drop in collections for March 2026.
In its submission to FAAC, the commission stated that collections fell to N34.19 billion in March from N124.4 billion recorded in February.
NUPRC attributed the decline to an ongoing transition in revenue collection following the commencement of the Nigeria Revenue Service (NRS) in January 2026. It also confirmed that no payment was received under Project Gazelle during the month.
Despite the decline, NUPRC reported that total transfers to the federation account between January and March 2026 stood at N389.8 billion.