The Nigerian National Petroleum Company (NNPC) Limited recorded almost N13 trillion in revenue between January and April 2026, reflecting strong operational activity despite maintaining a profit margin below 10 percent.
An analysis of the company’s monthly performance reports shows that NNPC generated a total revenue of N12.996 trillion during the four-month period. Revenue rose steadily from N2.571 trillion in January to N2.680 trillion in February and N2.774 trillion in March before surging to N4.971 trillion in April.
Although earnings remained robust, net profitability was relatively modest. The company posted a combined profit after tax of N1.278 trillion over the period, comprising N385 billion in January, N136 billion in February, N276 billion in March, and N481 billion in April. This translated to a net profit margin of about 9.8 percent of total revenue.
The reports also highlighted significant financial obligations, with statutory payments amounting to N3.714 trillion between January and April. These payments accounted for a substantial share of the company’s expenditures and contributed to the gap between revenue and profit.
On the operational front, crude oil and condensate production remained strong. Total output during the review period was estimated at about 191.9 million barrels. Daily production averaged 1.64 million barrels in January, declined to 1.51 million barrels in February, increased to 1.56 million barrels in March, and reached 1.68 million barrels per day in April, the highest level recorded so far this year.
Natural gas production also remained steady. Across the four months, total output reached approximately 906.2 billion standard cubic feet. Daily production averaged 7.283 billion standard cubic feet in January, 7.454 billion in February, 7.731 billion in March, and 7.730 billion in April.
NNPC noted that operations were affected by several factors, including maintenance activities, pipeline disruptions, and infrastructure-related challenges. Issues such as outages on the Trans Forcados Pipeline and asset leakages impacted production during parts of the first quarter.
Despite these setbacks, the company maintained growth in oil and gas production through efforts aimed at improving asset reliability and resolving transportation constraints.
The period also saw progress on major gas infrastructure projects.
Work continued on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, while the River Niger crossing segment of the Obiafu-Obrikom-Oben (OB3) pipeline project was successfully completed.
Since its transition into a limited liability company under the Petroleum Industry Act (PIA), NNPC has sought to operate on a commercial basis. However, the company continues to face challenges linked to ageing infrastructure, legacy debts, and the financial burden associated with state-owned refinery rehabilitation projects.
In 2025, the Federal Government approved the removal of more than $1.4 billion and several trillions of naira in historical liabilities from NNPC’s books as part of broader efforts to strengthen transparency and improve the company’s financial position.
While the company’s revenue performance demonstrates the scale of its operations, the figures also underscore the ongoing task of balancing commercial profitability with operational and legacy obligations as NNPC continues its transformation into a fully commercial energy company.
