The Nigerian National Petroleum Company Limited (NNPCL) recorded ₦2.28 trillion in profit after tax in the first half of 2026, while its remittances to the Federation Account climbed to ₦7.9 trillion by the end of July.

The figures have drawn praise from the Centre for Reforms and Good Governance (CRGG), which said the reported performance reflected stronger commercial operations at the national oil company.

According to the Centre, NNPCL generated ₦19.04 trillion in revenue between January and June 2026, with statutory remittances reaching ₦6.286 trillion during the six-month period.

The remittances increased by another ₦1.627 trillion in July, taking the cumulative figure to ₦7.913 trillion.

CRGG Executive Director, Maxwell Onazi, attributed the performance to reforms introduced under NNPCL Group Chief Executive Officer, Bayo Ojulari, who assumed office in April 2025.

The Centre said the reported financial results, together with increased oil and gas production, suggested improvements in the company’s commercial performance and could strengthen its contribution to government revenue.

It said crude oil production remained above 1.7 million barrels per day for much of 2026 and reached approximately 1.73 million barrels per day at its peak.

NNPC Exploration and Production Limited was also reported to have produced about 365,000 barrels of crude oil per day, while gas production stood at 7,841 million standard cubic feet per day in June.

CRGG further highlighted progress on major gas infrastructure projects. It put completion of the Ajaokuta-Kaduna-Kano gas pipeline at 94 per cent and the Obiafu-Obrikom-Oben pipeline at about 98 per cent.

The Centre also cited progress on major upstream developments, including the Bonga Southwest-Aparo project, as well as contract reviews and cost optimisation measures that it said generated $3.4 billion in savings.

Onazi said the combination of higher production, increased gas output, infrastructure development and cost savings demonstrated a shift towards greater commercial discipline at NNPCL.

The Centre added that sustaining the reported improvements could have implications for government finances, domestic energy supply, industrial activity and investor confidence.

It called for continued efforts to consolidate the gains and ensure that NNPCL delivers greater value to the Nigerian economy.