Statutory remittances by the Nigerian National Petroleum Company (NNPC) Limited has risen significantly, reaching N4.85 trillion in May, from N726 billion in January 2026.
This increase is on the back of the implementation of executive order 9, signed by President Bola Tinubu earlier this year.
The presidential directive effectively stripped the national oil company of its historic revenue-deduction powers, specifically halting its ability to withhold the controversial 30 percent Frontier Exploration Fund and 30 percent management fees at the source.
BusinessDay’s analysis of NNPC’s monthly report for May 2026, indicated a sharp decline in its revenue which fell N4.97 trillion in April to N4.33trillion in May, as crude oil sales declined from 23.65 mmbbls in April to 17mmbbls in May.
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The company also recorded decline in its Profit After Tax (PAT) which stood at N462 billion,
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