NNPC Begins 100% PSC Profit Remittance Under Tinubu

The Nigerian National Petroleum Company (NNPC) has started remitting 100% of its Profit Sharing Contract (PSC) profits to the federal account as mandated by President Bola Tinubu's Executive Order 09, effective from January 2026. This change reflects a significant shift in the distribution of oil revenue, with N121.343 billion remitted in February 2026 alone, bringing the total remittance for January and February to N137.409 billion.

Prior to this order, only 40% of PSC profits were remitted, amounting to N16.066 billion in January. The new policy aims to enhance the federal revenue stream amidst ongoing challenges in Nigeria's oil sector, which has seen production levels fall below OPEC quotas.

Additionally, the government has faced a shortfall of N257.324 billion, representing a 65.2% variance below budget targets for the year. The Executive Order also mandates that oil and gas revenue, including royalties and taxes, be fully transferred to the federal account, marking a significant policy change in Nigeria's oil revenue management.