NNPC Revenue to N2.68 trillion Despite Output Drop

The Nigerian National Petroleum Company Limited (NNPC) posted N2.68 trillion in revenue for February 2026.

This figure represents a 4.2 per cent rise from the N2.57 trillion recorded in January, even as crude oil production dropped to 1.51 million barrels per day from 1.64 million barrels per day.

The company’s latest monthly operational and financial report, released in Abuja, attributed the production decline mainly to pipeline outages and operational hitches across major assets.

Profit after tax, however, fell sharply by 64.67 per cent to N136 billion from N385 billion the previous month.

NNPC linked the drop to higher remittances to the Federation Account after President Bola Tinubu scrapped the 30 per cent profit retention policy in the oil and gas sector.

As a result, statutory payments to the Federal Government jumped 148.48 per cent to N1.8 trillion in February, up from N726 billion in January.

This positions NNPC as one of the biggest contributors to national revenue at a time when the government is pushing to stabilise public finances.

A further breakdown showed crude oil output at 1.27 million barrels per day and condensate at 0.24 million barrels per day.

The company listed specific setbacks including outages on the Trans Forcados Pipeline, start-up delays at Agbami GTC facilities after maintenance, issues at the Sterling Oguali flow station, and constraints at Enyie wells.

Gas production, however, held firm at 7,458 million standard cubic feet per day, one of the strongest performances in recent months.

Gas sales stood at 4,893 million standard cubic feet per day on a two-month lag.

Total crude oil and condensate sales for the month reached 23.08 million barrels, lower than the 28.64 million barrels recorded in October 2025.

Downstream operations recorded mixed signals. Fuel availability at NNPC Retail Limited stations fell to 58 per cent, raising fresh worries about supply gaps in parts of the country.

On a brighter note, key gas infrastructure projects are advancing steadily. The Ajaokuta-Kaduna-Kano pipeline has hit 93 per cent completion, while the Obiafu-Obrikom-Oben pipeline stands at 96 per cent.

Both lines are expected to improve domestic gas supply and ease pressure on power generation once fully operational.

NNPC said it is intensifying efforts to restore production stability through improved asset management, quicker response to technical issues, and closer partnership with industry players.

The development comes as Nigerians continue to monitor how oil sector earnings translate into better fuel supply and economic relief at the grassroots.