The Nigerian National Petroleum Company Limited (NNPC) remitted ₦121.3 billion in Production Sharing Contract (PSC) profit for February following a new directive by President Bola Ahmed Tinubu mandating the full transfer of oil revenues to the federation account.
The remittance forms part of the federal government’s broader effort to improve transparency and accountability in the management of Nigeria’s oil and gas revenues.
Under the directive, the national oil company is required to remit proceeds generated from oil production, including profits from production sharing arrangements with international oil companies, directly to the appropriate government accounts.
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Officials say the policy is designed to strengthen government revenue, enhance fiscal discipline, and ensure that earnings from the country’s natural resources are fully accounted for.
Economic analysts note that the new remittance framework could significantly boost government income if consistently implemented, particularly at a time when authorities are seeking to stabilise public finances and fund key national development priorities.
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