The Nigerian National Petroleum Company (NNPC) Limited generated N28.54 trillion in revenue and recorded N2.99 trillion in profit after tax between January and August 2026, according to its monthly financial reports.
An analysis of the reports by Nairametrics showed that the state-owned energy company’s financial performance varied throughout the eight-month period, with revenue reaching its highest level in April and profit peaking in June.
NNPC’s revenue climbed to N4.97 trillion in April, the highest monthly figure recorded during the period, while profit after tax reached N535 billion in June.
The company’s revenue and profit figures reflected varying monthly performance, with changes in earnings not always corresponding directly with movements in revenue.
In January, NNPC generated N2.57 trillion in revenue and earned N385 billion in profit after tax. Revenue increased to N2.68 trillion in February, but profit dropped to N136 billion before recovering to N276 billion in March.
Following April’s revenue peak, earnings declined to N4.34 trillion in May, while profit stood at N462 billion. Revenue edged up to N4.39 trillion in June, alongside the period’s highest monthly profit.
The company recorded a weaker performance in July, when revenue fell to N3.09 trillion and profit declined to N279 billion.
However, August saw a recovery, with revenue rising by 21.1 per cent month-on-month to N3.74 trillion. Profit after tax also increased by 54.5 per cent to N431 billion.
The financial results came amid fluctuations in international crude oil prices and changes in crude oil and condensate production.
NNPC’s reports showed that production averaged 1.68 million barrels per day in April, when revenue reached its highest level. Output increased to 1.73 million barrels per day in May before settling at 1.72 million barrels per day in June.
International crude oil prices also experienced significant movements during the period, with Brent crude rising above $100 per barrel at the height of supply disruptions in the Middle East before retreating as concerns about prolonged disruptions eased.
However, the monthly figures alone do not establish the precise contribution of crude oil prices, production volumes, sales and operating costs to NNPC’s revenue movements.
Beyond its earnings, NNPC reported N9.49 trillion in remittances between January and August 2026.
The remittances are separate from the company’s revenue and profit, representing payments made to relevant government accounts rather than income retained by the business.
The latest figures follow NNPC’s reported financial performance in 2025, when its profit after tax increased by 33 per cent to N7.2 trillion from N5.4 trillion in 2024, despite revenue declining by 24 per cent to N34.5 trillion.
NNPC also remitted N14.71 trillion in statutory payments to the Federal Government between January and December 2025, according to an earlier report by Nairametrics.
