- NNPC revenue rose to ₦2.68 trillion in February 2026.
- Profit dropped sharply due to higher government remittances.
- Crude output fell while gas production increased.
The Nigerian National Petroleum Company Limited (NNPC) recorded a revenue of ₦2.68 trillion in February 2026, marking a 4.2 percent increase from the ₦2.57 trillion generated in January.
Despite the rise in earnings, the company’s profit after tax declined sharply by 64.67 percent to ₦136 billion, down from ₦385 billion in the previous month, reflecting rising fiscal pressures and higher statutory obligations.
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EKO HOT BLOG reports that according to its February monthly financial and operational report released on Saturday, the company’s profitability was significantly weakened even as overall revenue improved.
A major factor behind the decline in profit was a sharp increase in remittances to the Federal Government following a presidential directive that removed the 30 percent profit retention policy previously enjoyed in the oil and gas sector.
As a result, NNPC’s remittance to the government surged by 148.48 percent, rising from ₦726 billion in January to ₦1.804 trillion in February, underscoring its expanding fiscal contribution to national revenue.
The report noted that while earnings remain strong, the company is operating under tighter fiscal conditions that are affecting retained profits.
Crude oil production declines
Crude oil and condensate production dropped to 1.51 million barrels per day in February, down from 1.64 million barrels per day in January.
Of this, crude oil output stood at 1.27 million barrels per day, while condensate contributed 0.24 million barrels per day.
NNPC attributed the decline to operational disruptions across key facilities, including the outage of the Trans Forcados Pipeline due to integrity issues, startup challenges at Stardeep Agbami GTC 2 and 3 following maintenance, delayed completion of the Sterling Oguali flow station, and production ramp-up constraints at Enyie wells linked to sludge management challenges.
Despite the decline in crude output, gas production performed strongly, rising to 7,458 million standard cubic feet per day, one of the highest levels recorded in recent months.
However, gas sales stood at 4,893 million standard cubic feet per day on a two-month lag basis, slightly below earlier peak levels.
Total crude oil and condensate sales for February were 23.08 million barrels, down from 28.64 million barrels recorded in October 2025, reflecting both production and evacuation constraints.
Fuel supply and infrastructure updates
The downstream sector also showed signs of strain, as availability of Premium Motor Spirit at NNPC Retail stations dropped to 58 percent, raising concerns about distribution efficiency and supply stability.
On infrastructure, the Ajaokuta-Kaduna-Kano gas pipeline project reached 93 percent completion, while the Obiafu-Obrikom-Oben gas pipeline project recorded 96 percent completion, both expected to strengthen domestic gas supply once completed.
Upstream pipeline availability stood at 93 percent, indicating relative stability despite intermittent disruptions.
NNPC reaffirmed its commitment to improving output and operational reliability, stating that it would continue working with stakeholders to resolve evacuation constraints and boost production recovery across key assets.
Nigeria continues to struggle with crude oil production targets due to pipeline vandalism, oil theft, ageing infrastructure, and delayed upstream investments, with the Trans Forcados Pipeline remaining a recurring point of disruption.
Despite these challenges, the report noted that strong revenue and remittance figures highlight NNPC’s central role in supporting government finances amid ongoing fiscal pressures.
All figures remain provisional, pending reconciliation with relevant stakeholders.
