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NNPC Reports Revenue Drop Despite Higher Oil Output

Published

8 months ago

March 10, 2026

NNPC revenue and statutory payments dropped sharply in January 2026 despite modest gains in oil and gas production and higher profit after tax

The Nigerian National Petroleum Company (NNPC) Limited has reported a sharp decline in revenue and statutory payments to the federal government for January 2026, even as crude oil and gas production registered modest increases.

Also read: NNPC Denies $42bn Refund as Senate Probes N210tn Oil Discrepancy

The company’s Monthly Report Summary for January, published on Monday, shows statutory payments fell to ₦726 billion, a 42.8 percent drop from the ₦1.27 trillion recorded in December 2025.

Revenue also declined to ₦2.57 trillion, down 46.7 percent from December’s ₦4.82 trillion.

Despite the decline in revenue, profit after tax (PAT) rose 9.7 percent to ₦385 billion in January from ₦351 billion in December 2025, signalling operational efficiency gains.

On production, NNPC recorded improvements in both oil and gas output. Natural gas production increased to 7.28 million standard cubic feet per day (mscfd) from 6.19 mscfd, while gas sales rose to 4.97 million standard cubic feet per day (mmscf/d).

Crude oil and condensates production reached 1.64 million barrels per day (bpd), compared with 1.55 million bpd in December.

The company attributed production gains to the completion of Turn Around Maintenance (TAM) at the Agbami and Renaissance (Estuary Area – EA) facilities.

The report also noted that planned deliveries were affected by adverse weather, evacuation challenges, and asset integrity issues.

On infrastructure, NNPC highlighted progress on major gas projects.

Pre-commissioning activities continued along the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, with construction of block valve stations (BVS) and intermediate pigging stations (IPS) ongoing.

Drilling at the Obiafu-Obrikom-Oben (OB3) river Niger crossing also proceeded as scheduled.

Also read: Edo, NNPC Plan 10,000bpd Condensate Refinery

The January report underscores the challenges facing NNPC in balancing financial performance with production growth, as the company navigates operational constraints, infrastructure development, and environmental hurdles.

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Sanwo-Olu Surprises Wife Ibijoke With Flowers at Women’s Conference

Published

14 hours ago

October 27, 2026

Peculiar Adirika

Sanwo-Olu surprises wife Ibijoke with flowers and shares a kiss at COWLSO’s 26th Annual National Women’s Conference in Lagos

Lagos State Governor Babajide Sanwo-Olu surprised his wife, Dr Ibijoke Sanwo-Olu, with flowers before sharing a kiss with her at the opening ceremony of the 26th Annual National Women’s Conference in Lagos on Tuesday.

Also read: 37 Miners’ Deaths: Panel Finds Fatal Asphyxiation in NSCDC Custody

The event was organised by the Committee of Wives of Lagos State Officials (COWLSO) under the theme, “Anchored in Purpose: Be the Blueprint.”

Sanwo-Olu presented the flowers to his wife during his speech at the conference, which brings together women and leaders for discussions and activities focused on women’s empowerment and leadership.

“On behalf of COWLSO and everything that is decent, we want to appreciate you, we want to honour you,” the governor said.

The couple subsequently shared a kiss as Nigerian singer 2Baba’s song, “African Queen”, played at the event.

The conference aims to inspire women, empower leaders and promote a purposeful future through discussions and activities centred on women’s development.