NNPC Reports 4.2% Revenue Increase Amid Profit Decline

The Nigerian National Petroleum Company Limited (NNPCL) reported a 4.2% increase in revenue for February 2026, reaching N2.68 trillion, up from N2.57 trillion in January. However, profit before tax plummeted by 64.7%, falling to N136 billion from N385 billion in January.

This significant decline in profit is attributed to a sharp decrease in crude oil production, which fell to 1.51 million barrels per day in February from 1.64 million bpd in January, marking a 7.9% month-on-month drop. Despite the revenue increase, operational inefficiencies and cost pressures adversely impacted profit margins.

Notably, statutory payments to the federal government surged to N1.804 trillion in February, a 148.5% increase from N726 billion in January, indicating a higher fiscal contribution despite the profit decline. NNPC attributed the production shortfall to outages and operational challenges, including issues with the Forcados pipeline and maintenance delays at various facilities.