NNPC monthly profit drops 64% as revenue hits N2.68trn

By Obas Esiedesa

The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Saturday reported a 4.2 per cent increase in revenue for its February 2026 operations, rising to N2.68 trillion from N2.57 trillion recorded in January.

However, the company’s profit after tax plunged by 64.67 per cent to N136 billion in February, down from N385 billion posted in the previous month.

The sharp decline in profit comes amid increased remittances to the Federation following a presidential directive removing the 30 per cent retention on profit from oil and gas. As a result, NNPC’s remittance surged by 148.48 per cent, climbing from N726 billion in January to N1.8 trillion in February.

Operational data in the monthly report showed that crude oil and condensate sales dropped during the period, with total volumes falling by 10.36 per cent to 23.08 million barrels, compared to 25.75 million barrels sold in January.

Similarly, average daily oil production declined to 1.51 million barrels per day in February, down from 1.64 million barrels per day recorded in the preceding month.

In contrast, gas production recorded a modest increase of 2.4 per cent, rising to 7,458 million standard cubic feet per day (mmscfd) from 7,283 mmscfd in January.