From Adanna Nnamani, Abuja
The Nigerian National Petroleum Company (NNPC) Limited, has remitted N2.88 trillion to the federation between January and March 2026, as it recorded a profit after tax of N276 billion in March, driven largely by stronger gas production.
The figures were disclosed in the company’s latest monthly report released on Monday, which noted that all production, sales and financial data remain provisional and subject to reconciliation with relevant stakeholders.
According to the report, revenue for March stood at N2.774 trillion, reflecting the scale of the national oil company’s operations and its continued role as a major fiscal anchor for the country.
Gas production rose to 7,731 million standard cubic feet per day (mmscf/d) in March, up from 7,458 mmscf/d recorded in February, which shows a steady upward trajectory since late 2025. Gas sales also increased to 5,059 mmscf/d from 4,893 mmscf/d in the preceding month, indicating stronger demand and improved distribution.
Crude oil and condensate production posted a modest increase to 1.56 million barrels per day (mmbopd) in March, compared to 1.51 mmbopd in February, suggesting a gradual recovery in output.
However, crude oil and condensate sales declined to 17.27 million barrels in March from 23.08 million barrels in February, pointing to possible logistical or export constraints during the period despite improved production levels.
Providing context for the gains, the company said production improved following the early completion of turnaround maintenance on the OML 118 Bonga asset, delivered 12 days ahead of schedule.
The report, however, noted that performance was partly impacted by operational disruptions, including a leak on the Trans Forcados Pipeline, which led to outages across several assets between February 20 and March 25.
Despite these challenges, the company’s financial and operational performance highlights its continued importance to the nation’s economy, as it remains a dominant player across the upstream, midstream and downstream segments, with its statutory remittances forming a significant share of government revenue.
The company had earlier reported a profit after tax of N5.4 trillion on revenue of N45.1 trillion for the full year ended 2024. It also remitted N12.117 trillion to the Federal Government between January and October 2025, reinforcing its position as a key revenue driver for the federation.
A debt relief approved by Bola Tinubu in December 2025 also saw the clearance of $1.42 billion and N5.57 trillion from the company’s obligations to the Federation Account, further strengthening its financial standing.
Leave a comment