The Nigerian National Petroleum Company Limited (NNPC) recorded a revenue of N2.68 trillion in February 2026, marking a 4.2 per cent increase from the N2.57 trillion posted in January, despite a decline in crude oil production.
According to the company’s latest monthly report, crude output fell to 1.51 million barrels per day (mbpd) from 1.64mbpd in January, largely due to pipeline outages and operational disruptions across key assets.
While revenue rose, profit after tax dropped significantly by 64.67 per cent to N136 billion, compared to N385 billion in the previous month. The decline was linked to increased remittances to the Federation Account following a presidential directive that scrapped the 30 per cent profit retention in the oil and gas sector.
As a result, NNPC’s statutory payments to the Federal Government surged by 148.48 per cent, rising from N726 billion in January to N1.8 trillion in February, highlighting the company’s continued role as a major revenue contributor.
A breakdown of production figures showed crude oil output at 1.27mbpd and condensate at 0.24mbpd. The company attributed the overall drop in production to several challenges, including outages on the Trans Forcados Pipeline, start-up issues at the Agbami GTC facilities after maintenance, delays at the Sterling Oguali flow station, and operational constraints at Enyie wells.
In contrast, gas production remained strong, reaching 7,458 million standard cubic feet per day (mmscf/d), one of the highest levels in recent months. However, gas sales stood at 4,893mmscf/d on a two-month lag, slightly below earlier peaks.
Total crude oil and condensate sales for February were recorded at 23.08 million barrels, down from 28.64 million barrels in October 2025, reflecting ongoing production and evacuation challenges.
On the downstream side, fuel availability at NNPC Retail Limited stations dropped to 58 per cent, raising concerns about supply efficiency and possible shortages in some areas.
Meanwhile, progress continues on key gas infrastructure projects. The Ajaokuta-Kaduna-Kano pipeline is now 93 per cent complete, while the Obiafu-Obrikom-Oben pipeline has reached 96 per cent completion, with work ongoing to boost gas supply across the country.
NNPC said it remains focused on improving production stability through better asset management, faster resolution of operational issues, and stronger collaboration with industry stakeholders.
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