NNPC Revenue Reaches N2.68 Trillion Amid Oil Output Drop

The Nigerian National Petroleum Company (NNPC) announced a revenue collection of N2.68 trillion for February 2026, marking a 4.2% increase from N2.57 trillion in January 2026, despite a decline in crude oil production to 1.51 million barrels per day. The company's profit tax significantly decreased by 64.67% to N136 billion from N385 billion in the previous month.

This decline in profit is linked to operational challenges, including pipeline outages affecting production. NNPC's statutory payments to the federal government rose to N1.804 trillion, reflecting the company's ongoing fiscal importance despite production headwinds.

The report indicated that crude oil and condensate production fell from 1.64 million barrels per day in January to 1.51 million barrels per day in February due to disruptions in export infrastructure. Additionally, NNPC's gas production reached a record high of 7.458 million standard cubic feet per day, while gas sales stood at 4.893 million standard cubic feet per day, slightly below previous peak levels.