The Federation Account Allocation Committee (FAAC) received the full 100% of profit oil from Production Sharing Contracts (PSCs) remitted by the Nigerian National Petroleum Company Limited (NNPC Ltd) in February.
This is according to the February oil and gas revenue distribution figures reviewed by TheCable on Saturday.
The development confirms the implementation of Executive Order 9, signed by President Bola Tinubu (effective February 13, 2026), which mandates direct remittance of all government entitlements including royalty oil, tax oil, profit oil, profit gas, and related revenues into the Federation Account without prior deductions by NNPC.
Previously, under the Petroleum Industry Act (PIA), the federation received only about 40% of PSC profit oil, while NNPC retained roughly 30% as a management fee and another 30% for the Frontier Exploration Fund.
The executive order eliminates these automatic deductions to enhance transparency, reduce leakages, and increase funds available for sharing among federal, state, and local governments.
The full remittance in February marks a key step toward greater fiscal accountability in Nigeria's oil sector.
