NNPC Reports ₦2.68 Trillion Revenue Amid Profit Drop
• Naijanews • Business
The Nigerian National Petroleum Company (NNPC) recorded ₦2.68 trillion in revenue for February 2026, reflecting a 4.2% increase from ₦2.57 trillion in January. Despite this revenue growth, the company's profit after tax fell sharply by 64.67% to ₦136 billion, down from ₦385 billion the previous month. This significant decline in profit is largely attributed to increased statutory remittances to the federal government following a presidential directive to remove 30% profit retention in the oil and gas sector. NNPC's remittances surged by 148.48% to ₦726 billion in January, totaling ₦1.804 trillion in February. The report highlights ongoing fiscal pressures, with crude oil and condensate production declining to 1.51 million barrels per day in February, down from 1.64 million barrels per day in January. The report also notes challenges in the upstream segment, including pipeline vandalism and oil theft, which hinder production targets. Despite these challenges, NNPC continues to play a critical role in supporting government finances amid economic pressures.
Topics: Business, Oil and Gas