NNPC Revenue Drops by N636bn Despite Stable Production

The Nigerian National Petroleum Corporation (NNPC) reported a revenue decline of N636 billion, bringing its total revenue to N4.335 trillion for May 2026, a nearly 13% decrease despite maintaining stable crude oil and natural gas production levels. The company disclosed in its latest monthly report that it produced 1.73 million barrels of crude oil per day and 7.774 million standard cubic feet of natural gas during the month.

NNPC's profit tax also fell from N481 billion to N462 billion. The report indicated that operational challenges impacted earnings, although upstream pipeline availability remained high at 98%.

NNPC made statutory payments of N4.858 trillion to the federal government from January to May 2026. The report also highlighted progress on two critical gas infrastructure projects, with the Ajaokuta-Kaduna-Kano gas pipeline reaching 94% completion and the OB3 River Niger Cross project at 97% completion.

NNPC emphasized its commitment to improving operational efficiency and product reliability.