The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded ₦2.68 trillion in revenue for February 2026, marking a 4.2% increase from the ₦2.57 trillion posted in January, even as crude oil production fell due to pipeline issues and operational setbacks.
According to the company’s February 2026 Monthly Report Summary, profit after tax dropped significantly by 64.67% to ₦136 billion from ₦385 billion the previous month.
However, statutory remittances to the Federation Account surged dramatically to ₦1.804 trillion, a 148.48% rise from ₦726 billion in January following a presidential directive that ended the 30% retention on oil and gas profits.
Crude oil and condensate output declined to 1.51 million barrels per day (mbpd) in February from 1.64 mbpd in January. The breakdown showed crude oil at 1.27 mbpd and condensate at 0.24 mbpd.
NNPC attributed the drop to several challenges, including the outage of the Trans Forcados Pipeline due to integrity issues, startup problems after maintenance on Agbami GTC 2 and 3, delays at the Sterling Oguali flow station, and production constraints at Enyie wells.
Despite the oil production dip, natural gas output rose to 7,458 million standard cubic feet per day (mmscf/d).
Gas sales, however, stood at 4,893 mmscf/d on a lagged basis. Total crude oil and condensate sales for the month reached 23.08 million barrels.
Downstream, the availability of Premium Motor Spirit (petrol) at NNPC Retail stations fell to 58%, raising concerns about potential supply tightness.
On infrastructure, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline reached 93% completion, while the Obiafu-Obrikom-Oben (OB3) pipeline hit 96%. These projects are expected to boost domestic gas supply.
NNPC stated it remains committed to improving production resilience through better asset reliability, faster resolution of evacuation issues, and stronger collaboration with stakeholders. Upstream pipeline availability stood at 93% during the period.
The figures are provisional and subject to final reconciliation.
Nigeria continues to face challenges in meeting oil production targets due to theft, vandalism, ageing infrastructure, and investment delays, making NNPC’s revenue generation and remittances critical for government finances.
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