The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a sharp drop in revenue in January 2026, earning N2.57 trillion compared with N4.82 trillion recorded in December 2025.
The figures were contained in the company’s January 2026 Monthly Report Summary, which showed a significant month-on-month decline in earnings even though the company posted a slight improvement in profit after tax.
According to the report, NNPC also reduced its statutory remittance to the Federation Account during the period. The national oil firm paid N726 billion in January, down from N1.27 trillion remitted in December 2025.
Despite the revenue dip, gas operations remained relatively stable and helped cushion the company’s overall performance.
NNPC disclosed that natural gas production averaged 7.283 billion standard cubic feet per day in January, while gas sales reached 4.978 billion standard cubic feet per day.
The company added that crude production improved on a month-to-month basis after turnaround maintenance was completed at the Agbami field and Renaissance operations in the Estuary Area.
However, planned deliveries for the month were affected by operational setbacks, including bad weather conditions, evacuation challenges, and asset integrity issues.
The report highlights how fluctuations in crude oil prices, operational disruptions, and production levels can significantly influence the performance of Nigeria’s oil and gas sector.
NNPC also provided updates on key gas infrastructure projects designed to strengthen domestic supply and support industrial growth.
Pre-commissioning work is ongoing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, with progress reported on block valve stations and intermediate pigging stations.
Meanwhile, construction of the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached about 96 percent completion, with drilling activities continuing at the River Niger crossing, considered a critical segment of the project.
The company noted that the projects are expected to boost gas availability and improve supply reliability for industries and households.
Despite the decline recorded in January, NNPC remains a major source of government revenue.
The company reported that it remitted N14.706 trillion to the Federal Government between January and December 2025 through taxes, royalties, and other statutory payments.
For the 2025 financial year, NNPC generated total revenue of N60.5 trillion and recorded a profit after tax of N5.76 trillion. In comparison, the company posted N5.4 trillion in profit after tax on revenue of N45.1 trillion in 2024.
Earlier reports also indicated that the company had already remitted N12.117 trillion to the government between January and October 2025.
In December 2025, President Bola Tinubu approved the cancellation of part of NNPC’s debt to the Federation Account, clearing about $1.42 billion and N5.57 trillion from the company’s liabilities.
