Nigeria, March 15 -- Nigeria's Federation Account received full remittances of profit from Production Sharing Contracts (PSCs) from the Nigerian National Petroleum Company Limited (NNPC Ltd.) in February.

Data from NNPC's February oil and gas revenue distribution presented to the Federation Account Allocation Committee (FAAC) showed that the federation received the entire PSC profit for the month.

Before the issuance of the executive order, it was reported that only 40 per cent of PSC profit was remitted to the federation account.

The development signals the commencement of the implementation of President Bola Tinubu's Executive Order 9 on oil revenue remittances, signed in February. The directive requires that government oil revenues ...