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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has remitted the entire profits from its Production Sharing Contracts (PSCs) for February 2026 to the Federation Account, a move in line with President Bola Tinubu's Executive Order 09. This shift follows a previous remittance of only 40% in January.
The Federation Account Allocation Committee has distributed N1.894 trillion for February 2026 to federal, state, and local governments, while reporting a decrease in VAT and statutory revenues.
State governments under the FAAC Postmortem Sub-Committee have expressed alarm over increasing deductions from federal revenues related to power subsidies and other obligations. This concern was articulated in a recent communique following a three-day retreat.
Recent data from the Federation Accounts Allocation Committee (FAAC) counters Governor Umo Eno's assertion that Akwa Ibom has not received its oil derivation funds since September 2025. The records indicate substantial funds have been allocated to the state over the last four months.
The Federation Account Allocation Committee (FAAC) has allocated N1.969 trillion to the federal, state, and local governments following a revenue increase in December 2025. This reflects an improvement in VAT collections.
