NNPC Reports 47.9% Profit Drop to N279bn in July 2026

The Nigerian National Petroleum Company Limited (NNPC Ltd) announced a profit after tax of N279 billion for July 2026, marking a significant 47.9% drop from the N535 billion reported in June. This decline represents a N256 billion decrease in monthly profit, making it NNPC's lowest monthly profit since March 2026, when it recorded N276 billion.

The company's revenue also fell sharply to N3.087 trillion in July from N4.39 trillion in June, reflecting a 29.7% month-on-month decline. The downturn in financial performance coincided with decreases in crude oil and gas production, with crude oil production averaging 1.68 million barrels per day in July, down from 1.72 million barrels per day in June, a decline of approximately 2.3%.

Natural gas production also decreased to 7,489 million standard cubic feet per day from 7,841 million standard cubic feet per day, a decline of about 4.5%. NNPC attributed the production decline to operational challenges, including facility outages and pipeline incidents.

Despite the profit drop, statutory payments to the Federation increased, totaling N7.913 trillion from January to July 2026.