NNPC Revenue Reaches N2.68 Trillion Amid Production Decline

The Nigerian National Petroleum Company Limited (NNPC) announced a revenue collection of N2.68 trillion for February 2026, marking a 4.2% increase from N2.57 trillion in January. However, the company faced a significant decline in crude oil production, which dropped to 1.51 million barrels per day from 1.64 million barrels per day in January.

This decline was attributed to operational challenges, including pipeline outages affecting critical export infrastructure. NNPC's profit tax plummeted by 64.67% to N136 billion in February, down from N385 billion the previous month.

Despite these challenges, the company's remittances to the federal government rose by 148.48% to N1.8 trillion in February. The report highlighted ongoing issues with pipeline vandalism and oil theft, which have historically disrupted production.

NNPC is also making progress on gas pipeline projects aimed at enhancing domestic gas supply, with the Ajaokuta-Kaduna-Kano gas pipeline reaching 93% completion.