NNPC Revenue Falls to ₦2.57trn in January as Profit Rises to ₦385bn
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp drop in revenue in January 2026, with earnings falling to ₦2.57 trillion, down significantly from the ₦4.82 trillion reported in December 2025. The figures, contained in the company’s latest monthly report summary, highlight a 46–47 percent decline in month-on-month revenue, underscoring the volatility that continues to shape Nigeria’s oil and gas earnings.
Despite the steep fall in revenue, the national oil company posted a modest improvement in profitability during the period. Profit after tax rose to ₦385 billion in January, representing a 9.6 percent increase compared with the ₦351 billion recorded in December 2025. The improvement suggests that operational efficiencies and production gains may have helped cushion the impact of the revenue contraction.
Operational data from the report showed that crude oil and condensate production averaged 1.64 million barrels per day (bpd) during the month, slightly higher than the approximately 1.55–1.60 million bpd recorded in December. The increase was attributed largely to the completion of turnaround maintenance activities at the Agbami and Renaissance (Estuary Area – EA) fields, which supported improved upstream performance.
Natural gas operations also recorded growth. Gas production rose to 7.283 billion standard cubic feet per day, while gas sales reached about 4.978 billion standard cubic feet per day in January, reflecting steady performance in the company’s gas segment.
However, the report indicated that several operational factors constrained planned deliveries during the month. These included adverse weather conditions, evacuation challenges, and asset integrity issues, which affected the timing of crude shipments and overall revenue performance.
NNPC’s contributions to government revenue also declined alongside its earnings. The company remitted ₦726 billion in statutory payments to the Federation Account in January, a drop from ₦1.27 trillion paid in December 2025, reflecting a 42.8 percent decline in government remittances for the period.
Even with the monthly downturn, the national oil company remains a major pillar of Nigeria’s public finances. In 2025 alone, NNPC remitted ₦14.706 trillion to the Federal Government through taxes, royalties and other statutory payments, highlighting its continued central role in funding government expenditure and supporting the country’s oil-dependent economy.
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