FAAC Receives $73.9m as NNPC Details Crude Oil, Gas Remittances for April Allocation Meeting

The Nigerian National Petroleum Company Limited has disclosed that it remitted $73.9 million in crude oil and gas proceeds, alongside N2.06 billion in gas revenue, to the Federation Account Allocation Committee (FAAC) ahead of the April 2026 allocation meeting.

The figures were contained 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 proceeds stood at $29.28 million, while gas revenue amounted to N2.06 billion.

NNPC stated that the remittances were made in compliance with Executive Order 9 issued in February 2024.

A breakdown of the earnings showed that crude oil exports contributed $3.52 million, while gas exports accounted for $25.7 million in addition to the N2.06 billion gas revenue.

The report further indicated that miscellaneous crude receipts stood at $25,078.93, while miscellaneous gas receipts totaled $24,878.43.
The company explained that 40 percent of Production Sharing Contract (PSC) profit oil allocation, valued at $11.71 million and N826.7 million, was remitted directly into the Federation Account.

The remaining 60 percent, amounting to $17.56 million and N1.24 billion, was paid into the federation sub-account.

NNPC also disclosed additional remittances, including PSC crude royalty payments valued at $39.89 million, SNEPCO Bonga gas royalty of $628,974.55, PSC royalty concession rental of $214,689, and crude petroleum profit tax obligations amounting to $3.88 million.

According to the report, the total value of other obligations due for remittance stood at $44.62 million, bringing the overall proceeds for the April 2026 FAAC meeting to $73.9 million and N2.06 billion.

The oil company added that its outstanding liabilities to the federation stood at N551.7 million as of the April 2026 FAAC meeting, excluding Project Gazelle tax and royalty obligations.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission reported a sharp decline in revenue collections for March 2026.
In its submission to FAAC, the commission stated that collections dropped to N34.19 billion in March from N124.4 billion recorded in February.

The NUPRC attributed the decline to the ongoing transition in revenue collection following the commencement of the Nigeria Revenue Service in January 2026.

The commission also confirmed that no payment was received under Project Gazelle during the period under review.

Despite the decline, the regulator noted that total transfers to the federation account between January and March 2026 amounted to N389.8 billion.