- NNPC Limited reported a revenue of N2.68 trillion for February 2026, a 4.2% increase from the previous month, highlighting the company’s massive fiscal footprint.
- Crude oil output fell to 1.51 million barrels per day (mbpd), down from 1.64 mbpd in January, triggered by technical hitches and pipeline maintenance.
- While revenue grew, profit after tax plummeted by over 64%, landing at N136 billion as the company ramped up statutory remittances to the Federal Government.
The Nigerian National Petroleum Company Limited (NNPCL) showcased its financial resilience on Saturday, reporting a staggering N2.68 trillion in revenue for February 2026.
Eko Hot Blog reports that this performance comes in the face of significant upstream turbulence, as crude oil and condensate production dipped to 1.51 mbpd.
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The company’s February report attributed this decline to a perfect storm of operational hurdles, including integrity issues on the Trans Forcados Pipeline and delayed startups at key flow stations like Sterling Oguali.
Despite the drop in volume, the NNPC’s role as the nation’s primary “cash cow” was on full display. Statutory payments to the Federal Government surged to N1.804 trillion, a massive 148% jump from January.
This increase follows a presidential directive that removed the 30% profit retention policy, forcing the oil giant to remit more cash directly to the federation.
This fiscal shift, however, came at a cost to the company’s bottom line, with profit after tax sliding from N385 billion in January to N136 billion in February.
The report also shed light on the nation’s energy transition and infrastructure progress.
Gas production remained a bright spot, hitting 7,458 million standard cubic feet per day, signaling a robust push toward domestic gas expansion.
Major pipeline projects are nearing the finish line; the Ajaokuta-Kaduna-Kano (AKK) gas pipeline is now 93% complete, while the Obiafu-Obrikom-Oben (OB3) project has reached 96%.
These projects are deemed critical for stabilizing power supply and industrial growth across Northern Nigeria.
Downstream, however, the report raised a yellow flag for motorists. The availability of petrol at NNPC Retail stations dropped to 58%, suggesting potential supply tightness in the coming weeks.
As the government continues to rely heavily on oil revenue to manage foreign exchange constraints, the NNPC’s ability to resolve evacuation bottlenecks and secure the Trans Forcados route remains vital.
For now, the national oil company continues to balance the tightrope of declining production and increasing fiscal demands from the center.
