₦airaland Forum

The Nigerian National Petroleum Company Limited (NNPC) recorded a revenue of N2.68 trillion in February 2026, marking a 4.2 per cent increase from the N2.57 trillion posted in January, despite a decline in crude oil production.

According to the company’s latest monthly report, crude output fell to 1.51 million barrels per day (mbpd) from 1.64mbpd in January, largely due to pipeline outages and operational disruptions across key assets.

While revenue rose, profit after tax dropped significantly by 64.67 per cent to N136 billion, compared to N385 billion in the previous month. The decline was linked to increased remittances to the Federation Account following a presidential directive that scrapped the 30 per cent profit retention in the oil and gas sector.

As a result, NNPC’s statutory payments to the Federal Government surged by 148.48 per cent, rising from N726 billion in January to N1.8 trillion in February, highlighting the company’s continued role as a major revenue contributor.

A breakdown of production figures showed crude oil output at 1.27mbpd and condensate at 0.24mbpd. The company attributed the overall drop in production to several challenges, including outages on the Trans Forcados Pipeline, start-up issues at the Agbami GTC facilities after maintenance, delays at the Sterling Oguali flow station, and operational constraints at Enyie wells.

In contrast, gas production remained strong, reaching 7,458 million standard cubic feet per day (mmscf/d), one of the highest levels in recent months. However, gas sales stood at 4,893mmscf/d on a two-month lag, slightly below earlier peaks.

Total crude oil and condensate sales for February were recorded at 23.08 million barrels, down from 28.64 million barrels in October 2025, reflecting ongoing production and evacuation challenges.

On the downstream side, fuel availability at NNPC Retail Limited stations dropped to 58 per cent, raising concerns about supply efficiency and possible shortages in some areas.

Meanwhile, progress continues on key gas infrastructure projects. The Ajaokuta-Kaduna-Kano pipeline is now 93 per cent complete, while the Obiafu-Obrikom-Oben pipeline has reached 96 per cent completion, with work ongoing to boost gas supply across the country.

NNPC said it remains focused on improving production stability through better asset management, faster resolution of operational issues, and stronger collaboration with industry stakeholders.

Estello:
https://applesbite.com/nnpc-revenue-climbs-to-n2-68tn-as-profit-drops-sharply-amid-falling-oil-output/

Willy2025:
I no dey understand all these economic jargons. Money should be flowing now that crude oil price has doubled the budget benchmark. Budget is 63 dollars, crude oil is climbing steadily above 110 dollars. Also, "subsidy is gone" according to Tinubu. We are impoverished through high inflation and petrol price increase. Yet someone is telling us profits drop on top of all these. This is Monday morning o. This inflation is giving us inflated anger o

Willy2025:
I no dey understand all these economic jargons. Money should be flowing now that crude oil price has doubled the budget benchmark. Budget is 63 dollars, crude oil is climbing steadily above 110 dollars. Also, "subsidy is gone" according to Tinubu. We are impoverished through high inflation and petrol price increase. Yet someone is telling us profits drop on top of all these. This is Monday morning o. This inflation is giving us inflated anger o

givedemwotowoto:
Other Presidents from 1999 to 2015, despite their shortcomings, Nigerians felt their impact.

But everything about this government is audio

Nigerians only hear about it, only the corrupt politicians within government are enjoying it.

osuofia2:
Wayo government, why is it now that the oil price is highest that output will be dropping, they want to manipulate the system by claiming they aren't much. Na Ogun go kpai nna

Thanos5555:
The Author that wrote this title is the reason Universities Abroad demand we write IELTS English Exam

Lithiumite:
Oil output was at 1.2m bpd when tinubu came in but mow its gotten to 1.8m body as at the most recent report......its a feat worth commending.

Willy2025:
I no dey understand all these economic jargons. Money should be flowing now that crude oil price has doubled the budget benchmark. Budget is 63 dollars, crude oil is climbing steadily above 110 dollars. Also, "subsidy is gone" according to Tinubu. We are impoverished through high inflation and petrol price increase. Yet someone is telling us profits drop on top of all these. This is Monday morning o. This inflation is giving us inflated anger o

gaskiyamagana:
Of what benefits to the teeming masses?

osuofia2:
So why are declaring low output now when the oil is selling high?
I don't trust that nnpc,

Lithiumite:
Ot doesn't work like that sir,oil is traded on 2 pricing threshold which are futures or spot pricing.....futures is a fixed price set over a long period like 3 months while spot price is the price its sold at every given time like every min or everyday.

Most countries or bulk buyers usually take the futures option,thats why you often hear that your crude has been sold months in advance.......you really cant fill the oil windfall until a little bit longer not like today today. So you can only pray and wish that the high prices continue to rally or the conflict should end so prices go down.