NNPC sees higher revenue but profit drops amid oil production issues
Nigerian National Petroleum Company Limited (NNPC) reported a revenue increase to N2.68tn in February 2026, despite facing a decline in crude oil production. The company’s profit after tax fell sharply, while statutory payments to the Federal Government rose significantly. Operational challenges, including pipeline outages and infrastructure delays, impacted production levels. Gas production remained strong, and progress continued on key gas pipeline projects.
TLDR
- NNPC collected N2.68tn in revenue for February 2026, up from N2.57tn in January.
- Profit after tax dropped by 64.67%, falling to N136bn in February 2026.
- Statutory payments to the Federal Government surged to N1.804tn in February 2026.
- Crude oil and condensate production declined to 1.51 million barrels per day due to operational setbacks.
- Key gas pipeline projects, including the Ajaokuta-Kaduna-Kano and Obiafu-Obrikom-Oben pipelines, reached 93% and 96% completion respectively.
